Bowie, 66, stopped touring after he had a heart attack onstage in Germany in 2004. His last public performance was with Alicia Keys in 2006.
The Mirror said Live Nation has made a multimillion-dollar offer to Bowie if he plays Olympic Park in East London next year and that AEG is trying to cut a deal for him to perform in Hyde Park, the newspaper said.
Next year will mark the 50th anniversary of "Liza Jane," Bowie's first single, which he recorded under the name Davie Jones with the King Bees.
Bowie recently released "The Next Day," his first album in 10 years.