Most technology startups going public have avoided this strategy because it would mean having to comply with financial reporting rules without an influx of fresh funds, according to the BBC,
Spotify has so far declined to comment on the story.
The music streaming service is reportedly aiming at a valuation of more than $10bn (£8bn).
The Wall Street Journal reports that the platform has raised more than $1bn in equity and valued privately at $8.5bn in June 2015.
Earlier this week, Spotify signed a multi-year licensing deal with Universal Music Group.