The British Olympic Association (BOA) is close to an agreement to enter a British football team at London 2012, reports BBC Sport. BOA chief executive Andy Hunt said he is "incredibly positive that we will get a [British] men's and women's football team" at the Olympics.
Hunt told Inside the Games there remain "some final things to resolve."
The Welsh, Scottish and Northern Irish Football Associations have expressed reservations about such a team but cannot legally stop players competing.
An English-only football team may also be in breach of International Olympic Committee rules on discrimination, Hunt warned.
Olympic football squads are allowed three players over the age of 23 and David Beckham has already shown his willingness to see a British Olympic football team by saying he would "love to be part of it".