According to The Sun, the Brexit Party leader has been sounded out for a peerage by allies of Prime Minister. It has been reported that the plan to hand Mr Farage a peerage was floated three years ago, but was rejected at the time.
However, there has now been an “arms-length” approach to the idea, a source told The Sun.
Mr Farage would cease to be an MEP when Britain leaves the EU.
He has previously said that should his Brexit Party come to power, he would get rid of the upper chamber.
Sources close to Mr Farage say the reason for a peerage being handed to him might be an “attempt to buy him off”.
One ally told The Sun: “Westminster is obsessed with rank, position and titles but Nigel isn’t bothered by it.
“A couple of people in and around the current Downing Street circle have discussed it with him informally.
“But Nigel isn’t interested. He achieved his goal with the 2016 referendum result and would let that be known if a fully-fledged approach was made.”
Mr Farage blasted members of the European Research Group for giving their backing to the Prime Minister’s new Brexit deal.
He attacked Mr Johnson’s Brexit deal as “the second worst deal in history” claiming it is too similar to Theresa May’s previous withdrawal proposal.
Mr Farage wrote on Twitter: “The ERG are now backing an EU treaty that is 95 percent the same as Mrs May’s.
“They are putting party before country.”
The European Research Group is an arch-eurosceptic faction within the Conservative Party.
Mr Farage also retweeted a quote from himself that read: “I’d say to ERG members, you fought valiantly, some of you three times, I’d say this, yes Boris has won some important victories, especially on the customs union.
“But it’s still the second worst deal in history and it’s still not worth voting for.”
A few days before, during the Brexit Party’s rally at Westminster, Mr Farage had savaged the new Brexit deal struck with the EU.
Taking to the stage, Mr Farage raged at what he perceived as the Government’s failing to properly carry out Brexit.
He said: “If we sign up to this and head down this new negotiation and if the prime minister wants to succeed, then we would never ever able to become more competitive than our European neighbours.
“Never able to seek that opportunity of becoming richer and more successful.
“And what it means, is that in vast swatches of our national life we will not be making our own laws, for our own people, in our own industries, and will have to conform to European Union laws.
“And this ladies and gentlemen, this is not Brexit, this is not what we voted for, and this is not good enough.”
On Thursday Mr Farage admitted that he would “much rather have an extension” than see the current deal passed as it is.
Mr Farage was joined by notable Brexit figures on stage, including MEP Anne Widdecombe and Wetherspoon boss Tim Martin.
Mr Martin argued once a no deal Brexit it taken “off the table” the UK’s bargaining power would be gone.
He was also keen to add that a no deal Brexit would mean the UK could “regain control of fishing” in a couple of weeks.