The London Evening Standard says Pink Floyd are reportedly set to reunite and perform at the event.
The surviving members from the definitive line-up of the psychedelic rockers last put their differences aside to play charity gig Live 8 in 2005 - their first public appearance as a band in 20 years - and are rumored to appear again at this year's summer sporting spectacle.
An insider said: "Its long been made clear it would take something very special to get Pink Floyd back together again and it doesn't get any bigger than the Olympics.
"Like Sir Paul [McCartney, who is rumored to open the event], they have been a major part of the nation's culture over the past 40 years and it will be very fitting that they're involved when London is on show to the world. It's hoped everything can be confirmed in the coming weeks."
On May 12, 2011, surviving Floyd members Roger Waters, Nick Mason and David Gilmour briefly reunited onstage at Roger's solo concert to perform at London's The O2.
The 2012 Olympics Closing ceremony is scheduled for Sunday, August 12.
Read more at the London Evening Standard here.
Pink Floyd Roger Waters – Comfortably Numb
With special guest David Gilmour
02 Arena - London, UK - May 12, 2011
See also:
Christmas Rock: Very rare Pink Floyd
AUDIO: Pink Floyd – A Foot In The Door radio special
Roger Waters to wed for the fourth time