The contestants took legal action against Sky and independent producer Brighter Pictures in November after complaining that they were unfairly tricked on the show.
The broadcaster and production company are now nearing a financial settlement with the men who took part. A spokesman from Brighter Pictures declined to comment on the terms.
The programme features the contestants competing for the affections of a glamorous model called Miriam and shows scenes of the men in a hot tub with her, kissing and cuddling. At the end of the show, Miriam lifts her skirt to reveal her genitals.
The contestants took legal action and sued for conspiracy to commit a sexual assault based on the fact that they had not agree to be kissed and fondled by a man. They were also suing for defamation, breach of contract and personal injury.
The show was due to air in November last year before the men hired law firm Schillings to take legal action. The transmission date is yet to be announced, although insiders have speculated that it could air as part of Sky One's new winter schedule, which includes US import 'Nip/Tuck'.
Former 'Blue Peter' presenter Tim Vincent provides a voiceover to the show.
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