Dami Im almost took out the title at Saturday's Eurovision 2016 in Sweden.

And since the Australian contestant's second place finish, there's reportedly been a hive of activity at public broadcaster SBS, with work on the new format, tentatively titled 'Asiavision', now believed to be at full-speed.

An insider has revealed to news.com.au that the team at the network are pushing to debut the Asia Pacific region song contest in Australia in 2017, saying: 'There’s a flurry of activity after what happened (at the) weekend'.

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'There's a flurry of activity after what happened': Dami Im's near win at Eurovision 2016 has reportedly renewed efforts at SBS to get Asia Pacific region song contest ready for next year

While SBS told Daily Mail Australia they had always planned the event to kick off in 2017.

'I think (this year’s Eurovision) renews our confidence in the idea that this is a big brand…what I can say is that we’re absolutely working on plans to get this happening next year,' Chief Content Officer, Helen Kellie told the publication.

'Our aim will be to have 12 countries (compete) in the first year,' she added.

Asiavision: Tentatively titled Asiavision, the competition would feature approximately 12 countries in the first year of competition, which is set to be hosted in Australia

It's understood countries including Australia, China, Korea, Japan and India will take part in the contest, with more to be added to the line up.

News of the local version of the popular song contest was first announced in March,when public broadcaster SBS secured a deal with the European Broadcasting Union to develop a Eurovision-style competition for Asia, dubbed 'Asiavision'.

'We are excited by the fact that Eurovision’s appeal is crossing continental borders to Asian countries,' Chairman for the Reference Group of the Eurovision Song Contest Dr. Frank-Dieter Freiling said in a statement.

Securing the deal: The details were first announced by the public broadcaster, who have broadcast the song contest in Australia for over 30 years, in March after they secured a deal with the European Broadcasting Union to develop a Eurovision-style competition for Asia

Invited back? Despite Dami's second place finish in 2016 and Guy Sebastian (pictured) ranking in the Top 5 in 2015, it's not certain Australia will be invited back to compete in Eurovision in 2017

'SBS Australia has been broadcasting Eurovision for over 30 years, so we feel they are a perfect partner to build an alliance of networks with, and give Asian songwriters and artists the opportunity to perform on the Eurovision stage,' the statement read.

Former X Factor Australia winner, Dami, was the second Australian contestant to compete for Australia in the Eurovision song contest, with Guy Sebastian ranking in the Top 5 in 2015.

Despite the second place finish, it's not known if Australia will be invited to compete again next year, when the contest returns to Ukraine after Jamala won the competition for her song 1944.