Drinks company Diageo is in talks with London 2012 commercial director Chris Townsend to become a tier-one partner, according to Brand Republic.
The firm, which owns Smirnoff, Guinness and Captain Morgan, already has several high profile sports ties including sponsorship of the Vodafone Mclaren Mercedes F1 team through its Johnnie Walker brand.
Brand Republic reported that the London Organising Committee of the Olympic and Paralympic Games (LOCOG) has also been in talks with beer brands - including Anheuser-Busch - although a deal with Diageo would override this.
London 2012 has so far signed three tier-one partners: Lloyds TSB, EDF Energy and Adidas. Sectors being tendered out include clothing and homeware, airlines, oil and gas.
LOCOG is aiming to raise £750 million through domestic deals and is also courting deals with brands in categories such as supermarkets.