The report said Beckham will announce on Thursday that he has reached an agreement on a new contract for this year.
His five-year deal worth $US32.5 million with the Galaxy expired at the end of last month.
The deal is expected to allow for a sabbatical from the MLS that would allow Beckham to play in the London Olympics, to be staged in late July and early August, during the MLS campaign.
Beckham, who will turn 37 in May, rejected an offer from French giants Paris-St Germain.
Motivation for that move is believed at least in part to be because his wife and four children enjoy living in Southern California.
Beckham won the MLS Comeback Player of the Year award last season and helped the Galaxy to the MLS Cup title.