The former Oasis singer is set to meet with producer Michael G Wilson this week to discuss using an existing track called 'Freaky Teeth' on the upcoming film.
"They're going to talk about potentially writing and performing the song for next year's new Bond film," a source told The Sun. "Nothing is signed or official, it's just being discussed at the moment."
'Freaky Teeth' has never been released, but Gallagher has occasionally performed the song at gigs.
In a 2008 interview, Gallagher said that he believed the track would make a "f**king great Bond theme".
Gallagher confirmed earlier this month that he is still working on his second post-Oasis album, a collaboration with Amorphous Androgynous.
Adele was recently named as "a strong contender" to record the Skyfall theme.
The 23rd James Bond movie, which stars Daniel Craig as the legendary spy, will be released on October 26, 2012.
Listen to Noel Gallagher's 'Freaky Teeth' below: