The 36-year-old sports star is in "advanced talks" with the BBC One reality show, reports the Daily Mail.
A rep for O'Sullivan told the paper: "He is considering Strictly Come Dancing. There are a lot of things being put in front of him.
"He is taking a break indefinitely from snooker and he has a lot of new projects already."
O'Sullivan is reportedly weighing up other offers from shows such as I'm A Celebrity.
Previous snooker players on Strictly have included Dennis Taylor and Willie Thorne. Both struggled on the show, leaving within the first five weeks.
> 'Strictly' 2012 - Who do you want?
Other celebs linked to the 2012 series include cricketer Michael Vaughan, Westlife's Nicky Byrne, soap stars Charlie Brooks and Michelle Keegan and TV presenter Fern Britton.