McCartney told Olympic organizers he is "up" for performing at the opening ceremony next July 27 but details of the performance are yet to be ironed out, The Daily Telegraph reported.
The Rolling Stones reportedly declined an offer to perform and Led Zeppelin was staying away after singer Robert Plant reportedly said he wasn't interested.
Billions worldwide will watch the opening ceremony and a music industry source reportedly told the Daily Mirror the hope was to have all of Britain's classic rockers perform at the opening ceremony.
"The hope was to have the cream of British music all in the lineup, but it now looks like Macca [McCartney] will be joined by some younger stars on stage," the source told the Daily Mirror. "But of all the people you would want, McCartney is No 1. He is the ultimate showman and guaranteed to get the Olympics off to a great start."
Plans to have McCartney, 69, joined by Ringo Starr, the only other surviving member of the Beatles, were stymied because the former Beatles drummer will be touring the United States at the time.
Getting McCartney's commitment to perform reportedly calmed the nerves of Olympics organizers faced with matching Beijing's opening ceremony four years ago.
The Beijing opening ceremony featured choreographed performances from some 15,000 performers and cost more than $100 million.