The swimmer recently broke a record by becoming the most-decorated Olympian ever, with 19 medals including 15 golds.
A number of networks are now hoping to sign him up for their Olympics 2016 coverage, TMZ claims.
One source at NBC Sports, which has the rights to the Olympics through to 2020, said that the broadcaster "would definitely hire Michael", saying: "The man is smoking hot right now."
Meanwhile, an ABC insider alleged: "If he would, we would gladly scoop him up to work for us."
Phelps has claimed that he is planning to retire after London 2012, meaning that he would be available to broadcasters if he chose to move into the television industry.
He was recently congratulated for his success at the Olympics by President Barack Obama, who told him: "You've made your country proud."
