The Prime Minister is preparing to offer Sir Sadiq Khan a peerage after the London elections, Labour sources say.
Sir Keir Starmer is also expected to offer the London mayor a cabinet role following the May 7 vote, a source familiar with the matter told the Financial Times.
The move would likely come under some scrutiny after Sir Keir had previously pledged to abolish the peerage system.
Downing Street officials said the appointment would "shore up his position with patronage" at what is expected to be a moment of maximum danger after the local elections, said the person familiar with the discussions.
One Government figure said the proposal to draw Sir Sadiq "inside the tent" would "solve a lot of problems" after Labour is expected to suffer losses in the capital to Zack Polanski's Green Party and Nigel Farage's Reform UK
However, an ally of the London Mayor said Sir Sadiq "is completely focused on the job of delivering for Londoners", adding that peerages were a matter for the Government.
A Downing Street spokesman was quick to downplay the rumours, saying: "This is speculation." The mayor's office declined to comment.
Sir Sadiq has left the door open for a fourth term as London Mayor, having "already worked out" his campaign for the next contest for City Hall in 2028.
In February, he told LBC: "I’ve got the best job in politics. I’m thoroughly enjoying being the Mayor because I can deliver on the London promise that you work hard, you get a helping hand, you can achieve anything.
"I’ve worked really hard to make the city fairer, greener, safer, more prosperous and healthy. As long as I can deliver, I will carry on doing so."
A spokesman for the Mayor said: "Sadiq has not yet announced whether he is standing again for Mayor. This is the same as previous elections, where he announced his decision much later in the electoral cycle".
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