The strict Middle Eastern country - which prohibits girls from taking part in sport at school, or watching sport in stadiums - has always sent male-only delegations to the Olympics.
However, that much-criticised stance could be set to change at London 2012 with The Times reporting on Monday that showjumper Dalma Malhas may break new ground.
Malhas won bronze at the 2010 Youth Olympics in Singapore but only attended the competition after a direct invitation from the International Olympic Committee, and not at the insistence of her own country.
It has now been suggested that Saudi Crown Prince Nayef bin Abdul Aziz will bow to growing pressure and give Malhas permission to travel to London at the end of July.
Saudi Arabia has been criticised by both the IOC and Human Rights Watch for its attitudes towards female participation in sport.
HRW has reiterated that even if Malhas does take part in the London Games, ordinary girls in Saudi Arabia will still be denied the chance to take part in organised sport.
"Sending women to the London Olympics does not change the fact on the ground in Saudi Arabia that girls and women are effectively excluded from taking part in sport," HRW Middle East director Sarah Leah Whitson told Middle East Online.
"This is no moment for the IOC to celebrate, when girls remain barred from physical education in Saudi government schools as a matter of policy."