The clause is said to prevent the former Top Gear trio from making a similar show for a rival British broadcaster until April 2017.
However, it is thought that online streaming services such a Netflix and Amazon Prime Instant would not be prevented from producing a series with the three presenters.
The trio are thought to have been in talks with ITV after they were seen leaving channel boss Peter Fincham’s house last month.
According to The Mirror, the presenters could still make a show for ITV but it could not be about motoring.
Things you never knew about Top Gear
Things you never knew about Top Gear
1/14 Top Gear isn't really for adults
It's 'aimed at people with a mental age of nine', according to executive producer Andy Wilman.
2/14 Planet Earth loves it...
Top Gear is screened in more than 100 countries worldwide and has millions of fans.
3/14 ...but not all motoring hacks do
You might think Jezza was a hero of the motoring hack world but that's not strictly accurate. Telegraph journalist Neil Lyndon summed Top Gear's 21st birthday last year up well: 'Does that mean Billy Bunter and his gang finally get forced out of the Fourth Remove and into long trousers?'
4/14 The Top Gear theme tune is a classic rock song
Seven-minute instrumental 'Jessica' by The Allman Brothers was a hit in 1973. Top Gear has recorded its own version now but used part of the original recording at first. One for the road trip playlist.
5/14 Jeremy Clarkson couldn't get much more controversial if he tried
The presenter is currently suspended from the BBC following a 'fracas' with a producer over a steak dinner. Past scandals include a string of racism allegations.
6/14 This Porsche caused all sorts of trouble in Argentina
The Top Gear team were forced to flee Argentina after locals took offence at the car's number plate - believing it was a deliberately provocative reference to the Falklands War of 1982.
7/14 If it's car-buying advice you want, look elsewhere
It's an in-joke in Top Gear that they don't do car tests. You would be mad to make a purchases based on Jezza's verdict.
8/14 Richard Hammond had a near-death experience filming Top Gear
The 'Hamster' was filming a Top Gear segment in a dragster called Vampire when its front-right tyre burst at 288mph. Hammond spent two weeks in a coma but luckily went on to make a full recovery. He requested that no mention of the crash was made in future Top Gear episodes.
9/14 Jeremy Clarkson is more than a little bit taller than Richard Hammond
Nine inches, to be precise.
10/14 Top Gear used to offer real advice
Before these lads took over, it was a real car-reviewing show with presenters such as Angela Rippon, who gave practical reviews of down-to-earth workhorses such as Cavaliers or Mini Metros.
11/14 Those 'reasonably priced' cars take quite a battering
Denis Chick, of Vauxhall, is brave to have lent the show a fleet of his Astras. He said: "Vauxhall Astra sales would not improve if everyone drove like Jimmy Carr around the Dunsfold track." The comedian hilariously took his test car's front off-side tyre clean off its rim.
12/14 Jeremy Clarkson is a YouTube star
Stray down the motoring internet hole and you'll find lovingly posted videos of 'Clarkson the early years' with incredibly loud hair reviewing 1990s cars in an oddly sensible manner. Very disturbing viewing.
13/14 There have been multiple Stigs
Racing driver Perry McCarthy was stuntsman The Stig on the first two series of Top Gear - here's the man under that famous helmet.
14/14 Ben Collins was The Stig for eight years
Ben Collins was The Stig on Top Gear for eight years. He left amid a clash with the BBC when he unmasked his identity and published an autobiography. Collins thinks Top Gear has 'lost some of its sparkle'.
A source told the newspaper: “Basically they could make a show for ITV, but not one about cars. A clause stops them leaving and making a rival.
“It means Netflix or Amazon are favourites to sign up the team...They hope to make up their minds soon. ITV has made them a great offer.”
ITV and the BBC have declined to comment on the speculation.
Last month, Clarkson admitted he has been in talks with US producers, saying he has given up drinking in the evening to help him negotiate better with “Californians”.
“Californians have a habit of ringing at 11pm and I couldn’t think as straight as they do with their leaves and mineral water existence if I was halfway through my third bottle of Léoube,” he wrote in his Sunday Times column.
Top Gear will return next year with Chris Evans in the driving seat. His two new co-presenters have yet to be confirmed.Reuse content