Mr Banks – who helped bankroll Mr Farage’s Leave EU campaign – told the Sunday Times that he had spoken to ‘five or six’ Tory donors who could be persuaded to back Reform.

He also said that ‘a couple’ of Conservative MPs could defect. Mr Farage previously persuaded two Tory MPs to join Ukip.

Nigel Farage, founding member and former Reform Party leader, speaks at the Reform Party conference in October

Former Ukip donor Arron Banks (pictured outside the Royal Courts of Justice) has vowed to join Reform UK and raise £10million for the party if Farage returns to lead it

Reform was previously known as the Brexit Party, which was led by Mr Farage. It has been led by Richard Tice since 2021.

He has vowed to field candidates in every seat at the next election and will set out Reform’s plans in a press conference this week.

Mr Farage is yet to say whether he will attend but friends have hinted about his return and say he will focus on immigration, the Sun on Sunday reported.

Mr Banks – who was known as one of the ‘Bad Boys of Brexit’ – has said that he would join Reform if Mr Farage returned as leader. He also said he had spoken to a number of Tory donors who he claimed were unhappy with the direction of the party under Mr Sunak.

‘A lot of Tory donors love [Farage], and why back the Tories at this point if you think they are going down in flames?’ he told the Sunday Times.

‘I think their view is that if Rishi isn’t replaced post-haste, they could possibly get behind Reform.

‘You are pushing at a half-open door. There are Tory donors who are absolutely furious.’

Mr Tice has not ruled out Mr Farage succeeding him, telling Sky News: ‘The more help Nigel can give, the better.’ Mr Farage is not understood to be running for a seat. He has stood for Parliament seven times but has never been successful.

Speculation is mounting that the former Ukip leader (pictured in Kent on Boxing Day) could return to frontline politics following his stint on I’m a Celebrity

Last month he hinted he could join the Tories on a leadership ticket with Boris Johnson.

Following his appearance on I’m a Celebrity, Mr Farage revealed he had 6,000 messages waiting for him. He lasted 23 days in the jungle, coming in third place – with Made in Chelsea’s Sam Thompson taking the top spot.

Asked on GB News if there was a message from Mr Johnson, he said: ‘Well I haven’t checked my texts yet. I’ve been quite busy but if there was one from Boris, I’ll find it in a minute and might give him a ring.

‘If Boris Johnson wanted to reach out and we really believed the role of government was to get out of the way and let men and women create and do well, then I’d have a chat with him.

‘When it comes to politics, I mean, I never say never.’

But Mr Farage later dismissed the idea of rejoining the Tories under Mr Sunak’s ‘appalling’ leadership.

He added: ‘I’ve been away from the news for almost a month and from what I can see, the so-called Conservative Government are in a state of total shambles, rudderless, leaderless, utterly useless.

‘They are headed for catastrophe at the next election, deservedly so.’

And Mr Tice further dampened speculation, saying there is ‘no way on earth we are doing a deal with Toxic Tories’. A spokesman for Mr Johnson denied the existence of any plans to team up with Mr Farage.