New rules are said to have been placed, whereby gold medallists will not be guaranteed an award, according to the Daily Express.
Olympic athletes must also have "put something back" into their communities in order to win a MBE, OBE, CBE, dame or knighthood.
The Government committee that decides on the sporting nominations will be considering the athletes' overall career and other honours before handing out prizes.
After the 2008 Olympics, all gold medallists were at least given an MBE.
Committee chairman Sir Bob Kerslake said: "Given the move away from 'automaticity' in other fields, this no longer seems right."
Speaking about the report, gold medallist Jessica Ennis told Lorraine: "I think we did so well as a team, I'm sure that every successful athlete will be recognised in some way. We'll see when it comes out."
Ennis, Bradley Wiggins and Sir Chris Hoy have been tipped to become X Factor guest mentors.