A music industry source told the Daily Mirror the Beatle has spoken to Olympic bosses about taking part in the 27 July showcase, but song choices and detailed plans still need to be finalised.
The paper also suggests The Rolling Stones and Led Zeppelin have ruled themselves out of the show, meaning Macca is most likely to be joined by some younger stars on stage.
A Locog spokesperson told Event the news is yet unconfirmed and there are no plans to make any announcements about the line-up until early next year.
"We are really pleased that someone of his status is interested, he is a world-leading artist," they said.
For an exclusive interview with Locog head of ceremonies Martin Green – the man responsible for organising the opening ceremony – read the September issue of Event.
To leave a comment and let us know your thoughts.