Levine has been photographed and featured in previous "Sexiest Man Alive" issues but had never trumped the competition to steal the People cover. If given this year's title, he will follow in the footsteps of Tatum as well as other recent winners Bradley Cooper (2011) and Ryan Reynolds (2010).
People reportedly declined comment on Levine's alleged upcoming honor.
"We're not commenting on that right now," a representative for the magazine told Gossip Cop.
When asked about potentially being crowned "Sexiest Man Alive" this year, Levine played coy.
"I don't believe you," Levine told Today co-host Savannah Guthrie during a Friday appearance on the NBC morning show when she brought up the report.
"Would you be excited about it?" Guthrie asked the singer.
"No," Levine said with a laugh. "I would be a lot of things. I don't know. It's an interesting idea, you know? I don't know. I know nothing!... How can you tell if people are lying or telling the truth? Can you read me?"
"I don't think so. I guess we'll find out when the edition comes out," Guthrie suggested.
"I guess we will," Levine noted with a smile. "I'm just as excited [as] you to see who they choose."
The Maroon 5 rocker has served as a coach on The Voicesince its inception five seasons ago.
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