He has the rights according to Michelle, she and Ru talk about it on one of their podcast episodes. She also mentions that Jonathan Ross would most likely just be a producer rather than on camera - he wants Ru, Michelle and a third (British) person to be the main panel.
I think it could happen eventually but this year seems too soon - and C5 does seem the most likely place for it now that they're owned by Viacom, since they own Logo as well. I'm expecting the most to come from it being the US series getting aired here (probably on 5* rather than C5 itself), but a UK version could certainly be good fun. I wonder if we'd get deluded continental queens as an equivelant of the deluded Puerto Rican queens?