The reformed band are planning to rerelease their 1990 World Cup hit to coincide with the Euro 2012 soccer tournament and have approached the two stars about performing the rap that was originally recorded by England star John Barnes.
A source told The Sun newspaper: ''A couple of years ago New Order and the record label came within 24 hours of doing the song with Dizzee. It never happened but it's different this year - New Order are back together and Dizzee's free.
''Tinie's been approached too, so Dizzee has some competition. There's an idea to get them both on board - it could be massive.''
After reforming for a number of comeback shows - without bassist Peter Hook - New Order recently revealed they are considering recording new material.
Guitarist Bernard Sumner said recently: ''Not even thinking about writing and recording at the moment because our heads are really on playing live.
''It really is one day at a time - or one year at a time. Let's see. Hopefully there'll be some recorded music as well.''