Sir Paul McCartney could reportedly be offered a peerage to mark his 80th birthday this summer.

The Beatles legend was knighted for his services to music in 1997 and five years ago he was admitted to the elite Companions of Honour, of which there is extremely limited membership.

According to The Sun, plans are now underway to offer McCartney a peerage, which would make him Lord McCartney and enable him to sit in the House of Lords.

"Paul is already in an extraordinarily exclusive set of people at the very top of the honours system," a source told the newspaper.

"There is now quiet talk among officials about how to mark his 80th with something truly special. The idea of offering him the chance to sit as a cross-bencher in the Lords has been mooted.

"He has given incredible service to British culture, so it could be a very fitting tribute and mark of all that he has done for his country."

McCartney will turn 80 on June 18, one week before he appears at Glastonbury Festival as a headliner.