The bass player is reportedly teaming up with his former bandmate Damon Albarn to produce a Stilton for the Earl's Court bash, according to the Daily Star.
James has discovered that Blur's musical rivals, the Gallagher brothers, are fans of cheese, and wants to end their feud by sharing his new produce with them at the ceremony.
A source said: "Damon and Alex have always been enthusiastic about cheese - it was the glue that held Blur together for so long.
"But it wasn’t until recently that Alex discovered Liam, 35, and Noel, 40, shared their obsession.
"So he had the masterplan of creating something constructive through the medium of cheese, which would mark their maturity."
Talking about his passion for the dairy produce, James commented: "It's amazing, the friends you can make just through cheese. People get very emotional about it."