EXCLUSIVE: The Bake Off bun is set to stay in the Channel 4 oven.

Deadline understands that Channel 4 is closing in on a new UK deal for The Great British Bake Off amid widespread industry speculation that Netflix was prepared to swoop for the Love Productions hit.

Although an agreement is not yet finalized, sources said the baking competition will likely be renewed for up to three more years from 2025. Channel 4’s existing deal with Love expires this year.

Deadline hears that Love fielded interest from other parties, with Netflix seen as a credible suitor given the streamer carries the series in the U.S., where it is known as The Great British Baking Show.

Netflix sources denied that conversations were happening, while it is understood that Disney+ has also not been in the running for the series, despite speculation in the British press.

Sources said there had been jitters at Channel 4 over the renewal, however. One senior production figure claimed that the broadcaster tentatively asked suppliers about ideas for the Bake Off slot should it be poached.

Channel 4 knows a bit about poaching Bake Off after swiping the show from the BBC in 2016 in a landmark deal that made front-page news in the UK.

Eight years on, Bake Off remains one of Channel 4’s biggest shows, cooking up audiences of up to 7.8M last season, when Alison Hammond debuted as Noel Fielding’s co-presenter. Paul Hollywood and Prue Leith were judging.

Sky Studios-owned Love has always seen Bake Off as heartland public service broadcasting and has built a significant franchise out of the brand, with spin-off shows including Junior Bake Off.

The Great Celebrity Bake Off for Stand Up To Cancer returned on Sunday with stars including Danny Dyer and Jodie Whittaker competing in the famous baking tent.

Channel 4’s likely new deal for Bake Off comes at a tricky time for the commercial broadcaster, which is battling a “market shock” ad downturn. It is making 250 employees redundant and grasping commissioning purse strings tightly.

Channel 4, Netflix, and Love have been approached for comment.