According to The Sun, the department store is in talks with several female singers about reworking the 1984 hit, including Imogen Heap.
In 2009, 'The Power of Love' was named the 14th-best selling Christmas single of the '00s.
Frankie Goes To Hollywood frontman Holly Johnson re-recorded the song for his 1999 solo album Soulstream.
The song has also been covered by Slow Moving Millie, whose take on The Smiths' 'Please Please Please Let Me Get What I Want' was used on a previous John Lewis Christmas campaign.
The department story also previously commissioned Ellie Goulding's cover of Elton John's 'Your Song'.
Other covers chosen by John Lewis for its adverts have included Fyfe Dangerfield's take on Billy Joel's 'Always A Woman' and Taken by Trees' rendition of Guns N' Roses hit 'Sweet Child O' Mine'.
Most recently, Paloma Faith has covered INXS's 'Never Tear Us Apart', which has been released as as single this week.
In 2011, John Lewis released 11-track album Reworked featuring the songs from its Never Knowingly Undersold brand campaign, with proceeds donated to Save The Children.
Watch the Frankie Goes To Hollywood 'The Power Of Love' music video below: