Simon Cowell has been in talks with the double gold medallist as he wants the new series to capture the "spirit" of London 2012, The Sun reports.
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Producers are planning an Olympics-themed episode during the live shows and hope to secure other Team GB stars to help the acts.
The Olympians will coach contestants on how to perform under pressure and perfect their craft.
"Teaming up with our athletes means they can offer training and pep talks," a source said.
"People like Mo know about dedication and hard work. It's only right we invite them to help us shape our future popstars."
A recent report suggested that bosses of reality shows such as Strictly Come Dancing, I'm A Celebrity... Get Me Out Of Here and Dancing on Ice are battling to sign Team GB stars to capitalise on the success of the Games.
The X Factor returns to ITV1 tonight (August 18) at 8pm.
Photo gallery - X Factor 2012 episode one:
Copyright: ITV Thames TV