The 'In My Place' group are being lined up to perform especially written anthem, 'Welcome Song', when the games come to London next year.
The opening ceremony is one of the most watched events in the world, expected to command a TV audience of up to two billion people.
Arts charity The Dartington Hall Trust is to commission the track, and have named the band's frontman, Chris Martin, at their first choice.
A source told the Daily Mirror newspaper: "Chris is at the top of the list to front the official record. He's a huge star and a British musical icon, with an international profile.
"We're pulling out all the stops to get hold of him, ideally with the rest of ¬Coldplay involved, too.
"Coldplay are the biggest stadium rockers in Britain today and their style of anthemic music would be perfect for the Olympics.
"It needs to be something inspirational.
"The hope is that they would perform at the opening ceremony, as well as produce a recording of the track, which could help fund good causes in British sport."
It is not presently clear if Coldplay are to write the track as well as perform it, or if it will be penned by another songwriter.
The Olympic opening ceremony will take place on July 27, 2012, and will be overseen by 'Slumdog Millionaire' director Danny Boyle.
Others singers in the running to appear include Joss Stone, rockers Muse, and Gorillaz frontman Damon Albarn.
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