According to The Race, Hamilton has entered talks with Gresini Racing about purchasing the satellite Ducati MotoGP squad.
The report states that Hamilton has already made enquiries in acquiring the team - which has six-time champion Marc Marquez on its books - with a member of his inner circle believed to be in attendance at last weekend's Dutch TT in Assen.
A move into MotoGP wouldn't be the first time Hamilton has taken a step into the world of biking, having previously rode Valentino Rossi's Yamaha M1 at a sponsors event in 2019.
Speaking at the time, the former McLaren star said: “I have always loved bikes. “When I was younger I wanted to race bikes, not cars but my dad wouldn’t let me - he said they were too dangerous!
“He got me into four wheels rather than two. It was the right choice because if I was racing during the time Vale [Rossi] was there, I wouldn’t have been so successful.
“Since I have been in Formula 1, I have a superbike and I like to do some track days. It is fascinating - it gives a different perspective.”