Spears has been in negotiations with Caesars Entertainment for a 35- or 45-show run of weekend shows over two years at PH Live in Planet Hollywood, the Sun said.
However, now a nightclub group has made an offer that matches or exceeds the PH Live offer, the newspaper said.
Executives reportedly toured the nightclub that Spears would be performing in over the weekend to determine whether it would be able to accommodate the star's show.
As part of the nightclub deal, Spears would also host special VIP party events, the newspaper said.
Spears will be making the final decision between the two offers.