Lambie will be also join former Labor Senator Sam Dastyari, gossip guru Richard Reid and retired AFL player Dermott Brereton.
Lambie told The Daily Telegraph she is appearing on the show to 'connect to young voters'.
Other stars rumoured to appear on the show include Pamela Anderson and Love Island Australia's Justin Lacko.
Who magazine reports that the Baywatch star is in 'final negotiations' to appear on the show.
Stay tuned for more!