The Times cites sources with "direct knowledge of the situation."
Armstrong was stripped of his seven Tour de France titles last fall after a U-S Anti-Doping Agency report stated there was "overwhelming" evidence he was involved in a doping program.
Armstrong has denied the allegations. But the Times says sources claim he may admit to it so he can resume his athletic career in triathlons.
Armstrong's lawyer told the Times he didn't know anything about his client admitting to doping -- and that while anything is possible, quote, "right now, that's really not on the table."