Beckham is believed to have been named as a potential candidate for the award earlier this month and has had checks carried out on his suitability and personal wealth by the relevant authorities, according to The Sun.
The 38-year-old, who retired from professional football earlier this year, is now waiting on final approval to learn whether he will be named a 'Sir' in the New Year.
If Beckham gets the green light from Buckingham Palace, then his wife Victoria Beckham would also become Lady Victoria, with an official announcement not due until later in 2013.
Beckham has previously been recognised with an OBE in 2003 for services to football, but has since undertook considerable work as an ambassador that led to his nomination for a knighthood.
He also remains the most capped outfield player in Three Lions' history, playing 115 times for his country alongside a club career that included spells at Manchester United, Real Madrid, Los Angeles Galaxy, AC Milan and Paris Saint-Germain.