Both acts are currently preparing to release new studio albums and have yet to appear on any of this year's UK festival lineups.
Kings of Leon are the closest to inking a deal with the Virgin Media V Festival, a source close to the event has told the Daily Star.
Beyoncé is currently in the frame, as the headline acts would swap venues between Chelmsford and Staffordshire on day two of the festival.
This year's V Festival will take place on the weekend of August 17 to 18.
The Killers and The Stone Roses were last year's headline acts.
Watch the music video for Beyoncé's 'Love on Top' below: