The 69-year-old former Beatles star has reportedly spoken to bosses of the event and said he's 'up for' a performance at the opening show on July 27.
It was hoped that he would reunite with his Beatles bandmate Ringo Starr but he is unable to make it as he will be touring in America.
A source said to UK Newspaper Daily Mirror: 'The hope was to have the cream of British music all in the line up, but it now looks like Macca will be joined by some younger stars on stage.
'But of all the people you would want, McCartney is number one. He is the ultimate showman and guaranteed to get the Olympics off to a great start.'
It's claimed the final details and song choices are yet to be decided.