The Daily Star says German club Schalke admit they are interested in doing a deal, even though Huntelaar, 28, has scored 10 Bundesliga goals this season.
Unwanted Berbatov, 30, will be a free agent next summer and is still highly rated in Germany after his five-year spell with Bayer forward Leverkusen.
Schalke general manager Horst Heldt said: “Swapping Huntelaar for Berbatov is a very interesting proposal. I’d just need to sleep for a night on the idea.
“It is entirely natural for a player in the sort of top form Huntelaar is showing to interest other clubs.”