Arenas like London's O2 and the NEC in Birmingham are being considered as venues for the multimedia production, The Sun reports.
It will include a light and sound show and 3-D video footage featuring The Doctor alongside Cybermen, Sontarans and the Daleks.
An insider said: "They want it to be a Doctor Who experience which will blast fans with amazing visuals and music.
"The emphasis will be on technology so it's unlikely any of the show's stars will be on stage.
"But they are expected to feature in video elements. That said, the idea of using real actors hasn't been ruled out."
A source at BBC Worldwide said an announcement could be made in a month, though plans are still at an early stage.
Earlier this month, it emerged that the four upcoming Doctor Who specials would be the first to be filmed in high definition.