The Football Association plans to enter men's and women's Great Britain teams for the 2016 Olympics.
It had ruled out such a move but has now written to its counterparts in Scotland, Northern Ireland and Wales to ask them if they want to take part.
A British Olympic Association official revealed it had "received confirmation" of the FA's plan for Rio de Janeiro.
Both GB teams would have to qualify. Football's world governing body Fifa would also have to sanction the move.
England would need to finish in the top four at the European Under-21 Championship for the men to qualify.
For the women, England would need to be one of the top three European teams at the World Cup in Canada.
Both tournaments take place this summer.
Several players from the home nations featured for GB at the London 2012 Games despite Scotland, Wales and Northern Ireland refusing to give their official backing.