Music executives have reportedly been discussing the possibility of filming on one of Sir Richard Branson's Virgin Galactic spaceships - due to launch later this year - and the couple are seen as the perfect choice to set a global first.
The video would be shot at the time when the crafts - which seat six people and blast 70,000ft into the earth's atmosphere - reach a point that allows passengers six minutes of weightlessness.
A source told The Sun newspaper: "The label people have been talking about making a music video in space.
"Beyonce and Jay-Z seemed the obvious option. Everything is being done to make it happen."
However, one star who won't be going into space is Salma Hayek, who has admitted to buying a ticket but later decided the expedition would be "inappropriate" because she is a mother.
She previously said: "I reserved my place with the Virgin Galactic expedition. And then I got pregnant. And now I'm a mother. So, I'm not going to go."
Virgin Galactic have previously turned down a request from a film company to film sex scenes in zero gravity.