The pop superstar met with Malaysian entrepreneur Tony Fernandes to discuss buying a stake in his company, The Aura Group, which owns several nightspots including Aura Mayfair.
An associate of the singer told The Daily Telegraph newspaper: "Madonna sees it as a natural move. She has ambitious plans."
The `Material Girl` hitmaker is a regular visitor to the exclusive club - which is owned by Fernandes, events and motorsport entrepreneur Jonny Dodge and Supper Club proprietor Alberto Barbieri - and is believed to be keen to put her own influence into the venue.
If Madonna does become a stakeholder in Aura she will be able to count her ex-husband Guy Ritchie as a business rival as he owns The Punchbowl pub in the exclusive area of the city.
It seems the 52-year star is keen to expand her business empire.
In November, she opened a gym, the Hard Candy Fitness centre, in Mexico City.
At the time she said: "It`s a sexy name that gives you the opportunity to have fun and to build strength as far as the imagination will allow.
"If any of you have seen my shows, you know that I don`t skimp on them and the same is true for the gum. We spend what it takes to make a globally first-class gym."
She is expected to launch another 10 gyms across the globe, including in Argentina, Russia and Europe.