The former Speaker appears on a dissolution honours list, compiled by Jeremy Corbyn, the Sunday Times reported. However, the report added that it was unclear whether he would become a Labour peer or crossbencher.
Such a move would be remarkable given that Mr Bercow was a Tory MP before being elected as Speaker.
Mr Bercow has been accused by Brexiteers of helping to support a Remain agenda in the Commons. Following a string of controversial moves by Mr Bercow, it had appeared that Downing Street and MPs would decline to allow him the peerage traditionally offered to retiring speakers.