The chart-topping band are said to have been contacted by Durex over the project following reports that they were keen to promote safe sex under the brand name 'Just Love Safe'.
Speaking earlier this year, band member Aston Merrygold commented: "It's all about staying safe. We all think so.
"My mum sends me down a stash [of condoms] and I dish them out to the lads so none of us have to worry. I'd really be up for doing some kind of campaign about safe sex."
The Sun now reports that the X Factor stars will confirm details of their new project later this year.
A source told the newspaper: "The lads mentioned the idea of a Just Love Safe campaign in passing. It was a light-hearted joke at the time but management and Durex have had conversations about making it happen."
The group have been tipped to colour co-ordinate the condom range to fit in with the JLS band colours blue, green, red and yellow.