The Queen of Pop is reported to be in talks to attend the camp competition in Tel Aviv, Israel.
The annual event will be the 64th edition of the contest and running from Tuesday May 14 until the live final is broadcast around the world on Saturday May 18.
Local media in the country, notably Ynet claim “negotiations are underway between Eurovision producers and representatives for Madonna” but the deal has not yet formally agreed.
However, they add that Madge had “expressed her agreement in principle” but “there are financial gaps between the parties”.
While Madonna performing at Eurovision may seem like a pie-in-the-sky dream to many, it wouldn’t be the first time a global superstar has turned to the programme to promote new music.
In 2016, superstar Justin Timberlake played mid-way through the show, wowing the crowd with a medley of hits including his smash Can’t Stop The Feeling.
Madonna is widely reported to be readying both a new single and her 14th studio album.
The record, which is thought to be influenced by her new life in Lisbon, Portugal, will be her first offering since 2015’s Rebel Heart.
As whispers of Madge’s Eurovision comeback spread across social media, fans were quick to discuss the theory.
One fan tweeted: “Honestly even though I would love for Madonna to be part of this year’s Eurovision, I highly doubt it’s true.”
“What a huge promo it would be if Madonna performs at this year’s Eurovision,” a second added.
Meanwhile, a third continued: “I’m for it if Madonna hits Eurovision because it’s a huge show in Europe which gets serious budget and an amazing staging! So she has to do it.”
Last year’s Eurovision Song Contest pulled in a global audience of a staggering 186 million viewers, making it the world’s biggest live music event.
A rep for Madonna has been contacted by Daily Star Online for comment.