The BBC is in negotiations to take Top of the Pops to the US in a joint venture with music impresario Lou Pearlman, the man behind hit bands N'Sync and the Backstreet Boys.
Mr Pearlman told Associated Press that he and the BBC have nearly completed a deal to jointly produce an American version of the long-running music show.
It will be the corporation's third attempt to export Top of the Pops, after a 1987 series made for the US market and hosted by Nia Peeples was cancelled after one season. In 2002, cable network BBC America also briefly broadcast the British show.
The American show will be based on the top 20 of the US Billboard charts, according to Mr Pearlman, who said discussions about distribution with US TV networks were imminent and that he hoped the show would be on air by the second quarter of this year.
"The show will be just like it is all around the world," said Mr Pearlman. "Except our thing will be each week having an up-and-coming artist that will be debuted on the show."
He suggested that at a time when American Idol is one of the biggest shows in America - beginning its fifth season with an audience of 35.5 million - Top of the Pops was the natural next step for aspiring stars.
And Mr Pearlman said there could be some crossover between the American and British shows; for example, performances by US artists could be filmed in America and shown on the British version, or vice-versa.
The show is broadcast in over 100 countries, while Milan, Cologne, Paris and Amsterdam each produce their own versions of the show with dedicated presenters and performances.
Top of the Pops launched in 1964 - hosted by Jimmy Saville with the Rolling Stones as the opening act. In its1970s heyday it attracted audiences of 19 million who watched as Radio 1 DJs introduced top-selling acts while dancers Pan's People strutted their stuff.
But in recent years, with the advent of music TV channels, shows such as Popworld on Channel 4's T4 and myriad ways of accessing music and information on acts, the show has lost it "must see" allure.
Following a series of attempts to revamp the show it was been demoted from Friday nights on BBC1 to a BBC2 Sunday night slot.
Former Top of the Pops executive producer Chris Cowey, disgruntled at what he sees as the BBC's neglect of the programme, is now developing a big budget rival for ITV.
The BBC was contacted but had not returned calls by the time of publication.
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