Banjo, who is currently a judge on Sky1's talent show Got To Dance, has reportedly started talks with the London Organising Committee about choreographing a street dance routine.
According to The Sun, the former Britain's Got Talent champion has been described as "the perfect embodiment of the games" by organisers.
Sir Paul McCartney, X Factor's Little Mix, the Spice Girls and Girls Aloud have been among the rumoured artists tipped to appear at the Olympics opening night. Slumdog Millionaire and Trainspotting director Danny Boyle is organising the night's events.
Banjo's Got To Dance currently airs on Sunday nights on Sky1.
> 'Got To Dance: Top 30 revealed
> 'X Factor' Little Mix to 'perform at Olympics opening ceremony'