The X Factor boyband were first linked to the event earlier this month when a report suggested the ceremony would celebrate the best of British music.
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According to a fresh report in The Mirror, One Direction will take to the stage with Ed Sheeran.
The Who, Take That, Queen and a newly-reunited Spice Girls are also rumoured to be performing at the event.
Niall Horan recently tweeted: "Don't know if it's just me, but the excitement in London is unbelievable! Its gonna be a great games (sic)."
One Direction's spokesperson refused to comment on whether the band will be involved in the closing ceremony.
Watch celebrities discuss their favourite Olympic sports with Digital Spy below:
Photo gallery - London 2012 Olympics:
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