Boris Johnson is said to have nominated Tory donor and Brexit supporter Peter Cruddas for a peerage after the city tycoon donated millions for the purpose.
The former Tory Party treasurer has donated more than £ 3.5 million to the Conservatives and more than £ 1.5 million to the campaign leave campaign he co-founded.
Mr. Cruddas, who founded CMC Markets, is facing a peerage because he is on a list of nominees to be reviewed by the House of Appointments commission.
His name surfaced after it was reported that former Chancellors Ken Clarke and Philip Hammond were also on the list.
The Remain supporters resigned in the election last year after the Prime Minister took their Tory whip from them to support measures to block a no-deal Brexit.
However, the BBC reported that the couple could return to parliament after they were nominated by Mr. Johnson for seats in the House of Lords.
Mr. Cruddas donated £ 50,000 to Mr. Johnson on June 6 last year during the Tory leadership campaign.
The Spread Betting Tycoon said in 2018 that he was "very disappointed with the Lords" for "overstepping their authority" for trying to change the Brexit law.
"I understand that they tried to block Brexit and not to change Brexit terms for the sake of the country," he added in an interview with the PA news agency.
He was ranked 264 in the last Sunday Times Rich List, with an estimated total family wealth of £ 509 million.
Both Mr Clarke, who had served as a Member of Parliament for 49 years before resigning at the end of last year, and Mr Hammond declined to comment on their reported colleagues.
Former Scottish Tory leader Ruth Davidson, who resigned in part due to Brexit last year, is also said to have requested a seat in the upper chamber from Downing Street.
And the broadcaster reported that two former Labor MPs, Ian Austin and John Woodcock, were nominated as unaffiliated colleagues.
The critics of Jeremy Corbyn, Austin and Woodcock quit the Labor party before stepping down in the elections. They asked voters to support the Tories in the December poll to prevent Labor from taking power.
The Downing Street and House of Lords Appeals Commission declined to comment on nominations.
Former Commons spokesman John Bercow has been proposed as a peerage by outgoing Labor chief Corbyn, but his nomination could be blocked due to claims that he bullied employees.
David Leakey, who served as Black Rod until 2018, said that it would be "scandalous for Parliament to grant Mr. Bercow a nobility."
The former spokesman denies the allegations.