So far this series, 'I'm a Celebrity...' has averaged 8.2m viewers and a 35% audience share, with no single episode managing to cross the 10m-viewer mark. Last year at this stage, the show averaged 10.5m and a 41% share.
The show hit an all-time low last Tuesday when audience figures dropped from 10.4m to 7.8m.
However, the drop was largely to the Manchester United v Lyon match, which pushed 'I'm a Celebrity...' back to 9.45pm, and the start of the US version 'Wife Swap' on Channel 4.
Other problems may have been to do with scheduling, when the show was broadcast earlier one evening, or more simply that the celebrities are not as captivating as in the last series, which saw Lydon lose his rag with fellow contestants and Jordan and Peter Andre's relationship blossom.
ITV has been quick to defend 'I'm a Celebrity...', which it has described as a "ratings blockbuster".
A spokeswoman said: "ITV is absolutely delighted with 'I'm a Celebrity... Get Me Out of Here!' as viewing figures show it is consistently winning its slot. Last night, the show did four times better than the other channels and attracted half of the crucial 16- to 24-year-olds.
"We were always aware that viewing figures would be compared, but this is the first time the series has gone out at this time of year, which will inevitably make a difference."
The repercussions of sliding ratings could mean worse to to come for ITV. After the Carlton/Granada merger, the network struck a deal with advertisers allowing them to cut spend with ITV, in line with any drop in commercial impacts without losing discounts.
According to reports, ITV could be set to lose between £60m and £70m because advertisers will be able to move spend out of ITV without any financial penalties.
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