But sadly, the show's star Olivia Buckland has played down the speculation, saying she's been told it's unlikely to happen.
In an interview with our colleagues over at Cosmopolitan.co.uk, the Essex star said: "They've said that it is likely to not be happening... It's mainly because Love Island is all about summer love and it doesn't really translate into the winter period. So I don't think it would've worked.
"[And] they're concentrating on next year's series to make it amazing again."
Anyone else rather sad?
We can see her point though: can you imagine a Love Island with no swmming pool (even if no one used it), no bikinis, no sunbathing... and, er, no island, given sources said any potential special wouldn't be filmed in Majorca.
A source told The Sun: "The whole project is currently in pre-production, but there's a real buzz around the idea. It's just a case of working out the logistics with schedules and locations."
Ah well. Even if we don't get a Christmas special, at least we know that a third series of Love Island has already been commissioned by ITV to air in 2017.
And, we can keep up to date with all the ex-Love Islanders via social media!
We know Olivia and beau Alex Bowen are going strong, as are winners Cara de la Hoyde and Nathan Massey. Other couples still together and blissfully happy are Kady McDermott and Scott Thomas, Tom Powell and Sophie Gradon, Terry Walsh and Emma-Jane Woodhams, and Rachel Fenton and Rykard Jenkins.
For a full round up of Love Island 2016: Where are they now? head over here!