The Eurythmics singer, who was first touted as a possible new coach earlier this year, is said to be wanted by BBC bosses following her successful performances at the London 2012 Olympics Closing Ceremony and the Queen's Diamond Jubilee Concert.
"Annie would be a great signing," a source told The Sun. "She really knows her eggs.
"Last year's [coaches] were great but it would be nice to inject some new blood into the panel too."
The Voice UK's first series winner Leanne Mitchell was mentored by Sir Tom Jones, and producers are apparently keen to bring in another star with an established career in the music business.
"Last year, Sir Tom proved that experience really counts and Annie's got that in spades," the insider added. "She's not afraid to give an opinion either."
Lennox has previously criticised rival singing contest The X Factor, calling it "a factory... owned and stitched-up by puppet masters".
The 57-year-old has also deemed reality talent shows "dangerous and cruel", and likened The X Factor to a "casino" where the programme - and not the contestants - always "comes out on top".
Voice UK coach Jessie J is rumoured not to be returning to the show ahead of the new series, with fellow mentor Danny O'Donoghue recently quoted as saying that he's "really sad she's not coming back".
The Voice UK will return to BBC One in spring 2013.
> 'The Voice' UK: Holly Willoughby not sure of return
> Tom Jones: 'I will sign up for The Voice UK if I know who judges are'
Photo gallery: London 2012 Olympics Closing Ceremony:
Copyright: Tony Marshall/PA Wire/Press Association ImagesWatch Annie Lennox perform at the Queen's Diamond Jubilee Concert below: