A report in Architect’s Journal suggested that the broadcaster had picked the city centre landmark as its building. However at this stage Channel 4 has not confirmed the report and said it would not be responding to speculation.
It is also understood that Channel 4 is set to reveal today the departments within Channel 4 that will be based in Leeds.
The nightclub, based outside of Leeds railway station, was heavily damaged by a fire in 2014 and has lain empty for several years.
The news that Channel 4 had selected Leeds for its new HQ was announced in October last year.
The broadcaster’s chief executive Alex Mahon told The Yorkshire Post last year that it would begin relocating staff to Leeds from this summer of next year.
She added that the process of selecting where exactly in the city it will be based was underway and that Leeds had been “a really clear winner” in the bidding process.
“We are looking to grow how we spend money, “ she said.
“We are going to spend an extra quarter of a billion pounds across the UK. So Leeds gave us the reach across the North. But it also has an amazing independent production community already.
“We want to grow the pipeline of talent into the sector. Leeds and Bradford will allow us to bring really diverse, young and new people into the sector.”
Leeds came out ahead of Manchester and Birmingham in the selection process which will see a total of 300 new roles created by the broadcaster in the city by 2023.
It is also to open a new broadcasting studio to allow Channel 4 news to be anchored from both Leeds and the capital.
Ms Mahon added that a completely new digital creative unit would be opened in Leeds and that it would be looking to recruit locally to staff it.