Beckham is soon to enter year three of his five-year deal with Galaxy, but Sports Illustrated says the agreement includes a get-out clause at the end of MLS season 2009.
With the World Cup a target for Beckham in 2010, the former Manchester United and Real Madrid faces the dilemma of risking his England place in a LA Galaxy team that has failed to reach the MLS playoffs since his arrival.
Next summer could represent the last chance Galaxy and MLS have of demanding a transfer fee for the midfielder. Or he could walk into a Premiership club - or AC Milan - for nothing in October if LA again miss the playoffs.
"I've not enjoyed not having success with the Galaxy, but I've enjoyed having success with the sport in this country so far," Beckham said last week. "But the thing that I will enjoy more is winning trophies with the Galaxy.
"That's gone this season. And next season we have to put that right, and hopefully we'll win something."