The Coronation Street actress could take a break in filming from her role of Tina McIntyre in the ITV soap, according to the Daily Star.
A Coronation Street spokesperson stated on the matter: "Offers to our actors are considered on merit."
A Strictly source claimed: "We have our hit-list and it's Michelle who tops it. We want her but we know it will be a battle to get her."
Keegan, the girlfriend of The Wanted star Max George, has never previously appeared on a reality show.
Her co-star Antony Cotton, who plays Sean Tully, was given special leave to be a contestant on I'm a Celebrity... Get Me Out of Here last November.
However, a supposed Corrie insider said: "The Beeb can dream on. For starters, Michelle has some big storylines coming up at the end of the year.
"And if she was going to do anything outside Corrie then we'd want her on Dancing on Ice."
Fellow soap actress Charlie Brooks - EastEnders' Janine - has been heavily tipped for the BBC ballroom dancing show.
Out-of-work former BBC Breakfast presenter Sian Williams is also reportedly in talks.
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