The telecoms company is considering plans to reopen the 34th-floor venue, which it currently uses privately for corporate hospitality and company events.
Reports suggest the venue will reopen as a restaurant in late 2011, possibly with a celebrity chef such as Gary Rhodes at the helm.
The 620ft building opened in 1966 and thousands of diners were attracted to the novelty restaurant. But it was closed amid security fears in 1980.
A BT spokeswoman declined to confirm or deny the reports and would only say: "No decision has been taken yet."
The BT Tower was at the centre of a firework display last weekend as London celebrated 1,000 days until the beginning of the 2012 Olympics.