The International Olympic Committee (IOC) is looking to increase the number of global sponsors from nine to 12 to bring in fresh funds.
It has been talking to several brands about sponsorship and is expected to announce new partners in the coming weeks.
Sources familiar with the situation said P&G has spoken to ad agencies about creating a major campaign promoting its sponsorship. The deal would be similar in scope and ambition to GE's sponsorship of London 2012 and would not be brand-specific.
P&G has already signed up to sponsor the US team at London 2012. If it extends its association with the Games, it will join existing international sponsors of the event, which include Coca-Cola and McDonald's. Domestic official sponsors include Cadbury.
P&G declined to comment, while the IOC was unavailable as Marketing went to press.
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