Goldfrapp and The Hoosiers are reportedly in the running for Coca-Cola's next advert.
The Star cited a source which suggested both bands could take the cash offered by the US soft drinks firm because, amid the global economic downturn, it could come in handy.
The advertising for their own brand could advance their record sales further, especially for the Hoosiers who are yet to break the US market.
With a second album due out this autumn the three-piece would benefit from getting their songs out "to a wider audience".
"You'd have thought a band like Goldfrapp, who are considered to be quite cool, would shun such an offer but they saw [White Stripes singer] Jack White do it and realised it would be silly to immediately dismiss the offer," the Star source said.
"Similarly, The Hoosiers have their own reservations about not being viewed as sell-outs.
"But it's hugely flattering for both groups to have such a big brand interested in investing in them."
White's duet with Alicia Keys, the theme to recent Bond movie Quantum of Solace, was used by Coke Zero rebranded as Coke Zero Zero Seven last year.