The Ultimo underwear founder was told she will take a seat in the House of Lords in a call from Prime Minister David Cameron, according to the Sun newspaper.
Ms Mone, who has made appearances on TV’s The Apprentice and Celebrity Masterchef, was keeping quiet on the reports.
Her spokesman declined to comment and the entrepreneur made no reference to the proposed peerage on her Twitter account.
Mone, from Glasgow, announced earlier this year that she was leaving Scotland after becoming caught up in an “extremely vitriolic social media hate campaign” due to her vocal support of the Union during the independence debate.
The 43-year-old, said to be worth £20 million, received an OBE for her contribution to business in 2010.
In a Guardian interview last month Mone was asked about her proudest moment so far.
She told the newspaper: “Probably all the inventions I’ve created. I helped the Prime Minister with the referendum and in keeping the Union together. That was tough, but it had the most rewarding results.
“Also, receiving my OBE from the Queen. I never, ever thought I would get anything like that.”
SNP MP Stewart McDonald, who represents Glasgow South, said on Twitter: “Yes, Michelle Mone is a successful entrepreneur, but to become a national legislator overnight without the fuss of an election is obscene.”
A Downing Street spokesman declined to comment on the report.