Various reports say that Wiggins will be knighted as will four-time Olympic sailing champion Ben Ainslie and Paralympic athletics superstar David Weir.
Meanwhile, cyclist Sarah Storey, who like Weir bagged four golds at the Paralympics, is set to be made a Dame.
The list will be published on December 29 and other people involved with the Olympics are also likely to be honoured.
Cycling guru Dave Brailsford, who helped Wiggins win gold in the Olympic time-trial and who masterminded his Tour de France victory as performance director of Team Sky, is also tipped to receive a knighthood.
The same award will be handed to Paul Deighton, the chief executive of the London 2012 organising committee. Deighton is also going to receive a peerage when he joins the government in January after accepting a Treasury brief.
However, it is believed that filmmaker Danny Boyle, who directed the highly acclaimed opening ceremony, has turned down the offer of a knighthood because he wants to remain an 'equal citizen.'
Wiggins will be the most high profile recipient though. After winning Sports Personality on Sunday he was asked if that was the perfect way to end the year.
He replied: "Yeah, it is. There’s only the knighthood to come, isn’t there, really?”
Wiggins, whose victory in the men's time trial at the London 2012 Games gave him a record-equalling seventh Olympic medal, beat 11 other contenders, including Storey, Weir and Ainslie, for sports personality.
He became the first Briton to win the Tour, following that triumph with gold at London 2012, his fourth Olympic title, during what was a memorable summer for the 32-year-old cyclist.