The head of Showtime Sports has given the green light to the fight as long as Khan can defeat IBF welterweight champion Devon Alexander in New York in December.
Mayweather is two fights into a six-fight deal with Showtime Sports, whose chief Stephen Espinoza has told the Telegraph that it is a fight he would like to see happen. He has raised the possibility of the bout taking place in Britain.
"It might be possible to do it in the UK, or in New York. Floyd has spoken about the possibility of doing it in both those places.
"We have a limited window to enjoy his art. He’s a surgeon. It’s artistry.”
Mayweather outclassed Alvarez in Las Vegas on Saturday night to take the Mexican's WBA and WBC super welterweight titles by majority decision.
If Khan did fight Mayweather, he would earn the biggest pay day of his career by some margin.
Alvarez earned earn $12.5 million (£7.9 million) despite his loss to Mayweather with the American picking up a guaranteed record purse of $41.5 million (£26.2 million), an amount that could even increase when all the pay-per-view buys are accounted for.
Espinoza said that Khan could be a more appealing opponent to television viewers than Alvarez was.
“What we saw against Saul Alvarez is that strength alone is not going to do it against Floyd Mayweather, so when you talk about handspeed and foot speed, then you start talking about two guys – Amir Khan and Adrien Broner.
"And whether or not Amir Khan lost to Danny Garcia or not, Amir Khan is one of the fastest fighters out there in the world.
"It's a real possibility and as a match-up, I like it a lot."