The 42-year-old hung up his gloves following defeat by Joshua in a Wembley blockbuster back in April 2017, the Daily Mail reported.
In recent weeks he has been linked with an April showdown against Dillian Whyte, only for Klitschko to pour cold water on talk of a comeback by labelling reports 'fake news' and claiming 'such speculation was an early April fool's day joke'.
But, according to Ring Magazine, Klitschko has discussed a three-fight deal with streaming service DAZN.
The first fight would see the Ukrainian, who turns 43 in March, return against a lesser opponent before a rematch with Fury – who in November 2015 ended his long reign as unified world champion.
Ring claim the final fight of the proposed deal would see him face Joshua for a second time, more than two years after they shared one of the best heavyweight fights of recent times.
Should the three-fight deal be signed, it's claimed Klitschko would join Cristiano Ronaldo as a global ambassador for DAZN.
In turn, the streaming service would contribute to UNESCO (United Nations Educational, Scientific and Cultural Organization), a charity Wladimir and his brother Vitali work with.
The Ukrainian originally retired after opting against taking a rematch against Joshua. Their Wembley showdown, which AJ won via an 11th-round stoppage, was Klitschko's second consecutive defeat following a decade in charge of the division.