The 50-year-old actor portrayed Queen Elizabeth`s father King George VI in the movie, and the royal family are said to be so impressed with his performance they are considering making him a Sir.
A source told the Daily Mail newspaper: "Colin has been a great ambassador for Britain throughout his career and his sensitive portrayal of King George VI has won him much admiration among the royal family - and of course, the film`s many fans."
Although Buckingham Palace has refused to confirm the speculation, the British honours system recognises excellent achievement in any field of work, with Catherine Zeta-Jones among those recently awarded with a Commander of the Order of the British Empire for her acting career and services to charity.
Colin will learn if he has made the cut the week before the Queen`s Birthday Honours list is announced in June.
It was recently revealed the queen had enjoyed a private screening of `The King`s Speech`.
A source said: "The Queen loves a good film. `The King`s Speech` is close to the bone as it is a portrayal of her family in the 1930s.
"But she found it moving and enjoyable. She was clearly amused by some of the lighter moments."