The UK's Daily Telegraph says the 38-year-old, who retired from football in May 2015, is making a "major news announcement" on Tuesday where he will outline his intention to take to the ring.
Ferdinand, who played for West Ham, Leeds, Manchester United and QPR in a 19-year career, currently works as a pundit with BT Sport and the BBC.
His love of boxing is apparent on social media, with a picture of the former defender's Twitter profile showing him draped in the WBA, IBF and IBO heavyweight title belts of his friend Anthony Joshua.
Ferdinand was in attendance when Joshua defeated Wladimir Klitschko at Wembley Stadium in April and posed for pictures with the Olympic gold medallist.
There are also several videos on his Instagram page showing Ferdinand training with the gloves.
One from July features 'Eye of the Tiger' playing in the background with a caption that reads: "Boxing Fridays.... left right left right... boom! Don't beat around the bush....".
Ferdinand goes on to tag former world heavyweight champion Tyson Fury, asking "when ya get ur licence back?"
The video ends with Ferdinand leaping over a garden hedge, an indicator, perhaps, of how seriously he takes the prospect.
Another video, this time from January, shows Ferdinand fire off a stream of punches into impact pads, interspersed with hyperbolic challenges in the direction of Joshua - who he first reminds of a shared holiday in Dubai - and decorated British boxers Tony Bellew and David Haye.
Former Sheffield United striker Curtis Woodhouse won the British light-welterweight title in 2012 after swapping football for the sweet science, while cricketer Andrew Flintoff won a one-off bout, of modest standard, against American Richard Dawson having been mentored Barry McGuigan.
Ferdinand's management were contacted for comment.