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According to the BBC, the move would come as part of a deal that would see Lloyds allowing the government to insure up to £250 billion.
The government has agreed a similar deal with the Royal Bank of Scotland.
Shane O'Riordain, the group's head of communications, said that talks between the group and the government's Treasury department are ongoing.
"This is a complex subject and there is a good deal of detail to be worked through," he commented, adding: "Our conversations have not yet concluded and there can be no certainty that we will participate in this scheme."
Shares in Lloyds surged by 7.4 per cent in early trading today (March 6th).
Lloyds has been forced to seek government help following heavy losses by HBOS, which it acquired recently.
