According to Sun Online, the former glamour model, who is currently suffering from broken feet, is ready to cash in by sharing sexy snaps on the site.
OnlyFans is the social media site where influencers share photos with fans who have subscribed - paying a monthly fee.
Many users of the site choose to post adult content on there.
A source told the publication: "Katie's seen how much money other stars have made from their OnlyFans accounts and wants a piece of the action.
"She's got the best body of her life thanks to the work she had done in Turkey and is desperate to show it off - and make herself a fantastic income at the same time."
The insider added: "She has confided in friends that this is going to be her new venture and is expected to set it up any day now - even with her feet in casts, she still wants to feel sexy and make money."
"Given Katie's huge popularity, she could easily make a million from this new project."
Daily Star Online has contacted a representative of Katie for comment.
The claims come as Katie's ex Kieran Hayler signed up to the site.
Other stars such as TOWIE's Lauren Goodger, CBB star Chloe Khan and Love Island's Katie Salmon offer content on there too.
Fans pay anywhere from £3.90 to £39 a month for pictures from their favourite creators on the site - with OnlyFans taking 20 percent.