The multi award-winning singer is rumoured to be singing a two-song set in Israel later this year.
It's claimed that Madonna could be getting as much as $1 million for the performance, paid for by Israeli-Canadian billionaire Sylvan Adams.
He said: "I am excited and proud to host Madonna in Israel and bring her to the Eurovision.
"I believe that her participation in the event will dramatically enhance the media exposure that the State of Israel will receive and will contribute significantly to the success of the Eurovision Song Contest and the branding of Israel in the world."
Israeli news website Haaretz reports the news, saying that Madonna will perform both a brand new track and a classic hit.
However Eurovision organisers told the BBC: "No final decisions have been made, or agreements signed.
"Official news and updates will come directly from the Eurovision channels in due course."
Past interval acts on Eurovision have included Justin Timberlake and Aqua.
Michael Rice was chosen to represent the UK at Eurovision 2019 earlier this year.
He is no stranger to singing talent shows: Michael previously auditioned for The X Factor in 2014 and last year, he became the first winner of BBC One's singing show All Together Now.
During BBC's You Decide show, Michael and his song Bigger Than Us, written by Laurell Barker, Anna-Klara Folin, John Lundvik and Jonas Thander, were voted for by viewers to head to Tel Aviv in May.
The 64th Eurovision Song Contest will take place in Tel Aviv throughout May at the the Expo Tel Aviv.
The Semi Finals will be broadcast on Tuesday, 14 and Thursday, 16 May on BBC Four.
The Eurovision 2019 Final date is 18 May and will air live on BBC One.
PIC Credit: chrisweger/Flickr