"They want a new 'I'd Like To Buy The World A Coke' and believe Jack is the only artist who can deliver them something that will be equally timeless," a source told NME.com.
However, a spokesman for Detroit's White Stripes said White had not yet agreed to pen the tune for the soft drink giant.
"He's been asked to do it and is just deciding whether or not it's a good idea," the rep said.
Whether or not the deal materializes, neither White nor the White Stripes would appear in any Coke commercials, the rep added.
Notable deaths of 2014 [PHOTOS]