The 50-year-old comic has filmed a pilot for a new sitcom for the network and is said to be "very pleased" with the show, which has a working title of 'Derek'.
Channel 4 chief Jay hunt is reportedly "thrilled" with the show, which is set in an old people's home and features Ricky as elderly and confused resident Derek Noakes.
The show features the comic's sidekick Karl Pilkington in his debut acting role and is expected to feature a series of guest stars, including the likes of Sir Sean Connery.
The proposed move to Channel 4 comes after Ricky's last series, 'Life's Too Short' - which starred Warwick Davies - was a ratings flop for the BBC in comparison to the funnyman's previous shows 'The Office' and 'Extras'.
A source told the Daily Mirror newspaper: "There have been many meetings in a bid to discover why it missed the mark. No one really knows. Some you win, some you lose."
Despite recording the pilot, Channel 4 executives insist they have not yet commissioned 'Derek' for a full series.
A spokesperson said: "This is a continuation of our relationship with Ricky Gervais."