The Metro reports that the London Development Authority (LDA) fears the 80,000-seat venue in Stratford, East London, may be too expensive to subsidise after the event.
Instead, it is looking at the possibility of demolishing the £525 million stadium and, in partnership with a private developer, building a Premier League football ground in its place.
This would scupper the original plan to remove 55,000 seats after the games to turn it into a 25,000-seater athletics venue.
But the LDA said demolition was one of a range of options being looked at for the stadium.
An LDA spokesman said: 'The LDA has left no stone unturned in examining all legacy options for the Olympic venues and is still looking at a range of potential sporting uses including athletics, football and rugby for the Olympic stadium.'
A spokesman for the Mayor of London's office said: 'The London Development Agency has rightly been looking at a range of options but the Mayor has no plans, and is not aware of any plans to demolish the stadium.'
The news comes just a day after new images and details of the stadium were revealed (AJ online 04.09.08).