Armstrong has denied using drugs and blood transfusions to improve his performances but is considering reversing his stance so he can have his athletic eligibility restored by U.S. and international anti-doping officials, the sources told the newspaper.
Another source said Armstrong was being pressured by supporters of the cancer charity he founded, who are concerned his sullied reputation will erode support for the organization.
There was no immediate comment from Armstrong's camp or the doping agencies involved.
Armstrong lost his seven Tour de France titles and was banned from all Olympic sports after the U.S. Anti-Doping Agency released an extensive report on his reputed activities.
The Times said the World Anti-Doping Code allows for lifetime bans to be reduced if an athlete publicly comes clean about use of steroids or other performance-enhancing drugs.