Best, the son of football legend George Best, is understood to have employed media lawyer Charlotte Harris, of Mischon de Reya, after learning that his telephone number and details of messages left for him were among the records of jailed private investigator Glenn Mulcaire, reports The Guardian.
The Metropolitan police's Operation Weeting team is thought to have notified Best that he was targeted by Mulcaire while the investigator worked for the News of the World.
Sources close to Best, the former fashion model-turned-reality TV star, said that it is "only a matter of time" before legal action begins against News Group Newspapers.
Best joins a growing number of celebrities to have instigated legal proceedings against the publisher and the News of the World, which was shut down last month after 168 years in print.
In May, Sienna Miller was awarded approximately £100,000 in damages from News Group Newspapers after suing the publication for hacking her phone.
Miller's former partner Jude Law has also launched legal action, along with fellow actress Leslie Ash and footballer Paul Gascoigne, while Celebrity Big Brother star Kerry Katona this week alleged that she was a phone hacking victim.
Best, 30, has frequently appeared in the tabloid press both because of his famous footballer father and his "colourful" private life. During the five-year period covered by Mulcaire's notes up to his arrest in 2006, Best featured in 116 articles in the News of the World, but there is no evidence as yet to suggest that any particular story resulted from the hacking of his mobile phone.
A News International spokesperson declined to comment on any legal action, but did say that the company was "co-operating fully with Operating Weeting".
Yesterday, MPs called for an investigation into whether News International's alleged payments to former News of the World editor Andy Coulson after he started working at the Conservative Party may have broken the law.