Lance Armstrong may be ready to come clean and admit he cheated during his cycling career, The New York Times reported Friday night .

Sources with direct knowledge of the situation told The Times that Armstrong is considering a public admission that he used banned performance-enhancing drugs and engaged in blood doping in a career highlighted by a record seven Tour de France victories.

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The confession, according to the anonymous sources, would be part of Armstrong's effort to be reinstated from a lifetime ban issued against him last October. Armstrong, 41, wants to compete in triathlons and running events, according to the Times, many of which follow the World Anti-Doping Code that Armstrong allegedly violated.

Armstrong's attorney, Tim Herman, told The Times he did not not know about a possible admission.

"I suppose anything is possible, for sure. Right now, thatâ€™s really not on the table,â€ Herman was quoted as saying.

Cycling's governing body stripped Armstrong of his Tour titles and banned him for life , following a report from the U.S. Anti-Doping Agency that accused him of leading a massive doping program on his teams.

The USADA report said Armstrong and his teams used steroids, the blood booster EPO and blood transfusions. The report included statements from 11 former teammates who testified against Armstrong.

Armstrong has vehemently denied doping, saying he passed hundreds of drug tests. But he chose not to fight USADA in one of the agency's arbitration hearings, arguing the process was biased against him.

Months later, according to the Times, Armstrong is in discussions with USADA and has met with Travis Tygart, the agency's chief executive. Armstrong also wants to meet with David Howman, director general of the World Anti-Doping Agency.

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Herman denied that Armstrong and Tygart have spoken. Tygart declined to comment when reached by The Times. Howman, who is on vacation in New Zealand, did not respond to requests for comment.

Although the sources told The Times that Armstrong is exploring an admission, they also pointed out that several legal cases may prevent it. In one federal case, Armstrong and officials from his U.S. Postal Service team are accused of fraud against the U.S. government for violating a no-doping provision in their contract with the USPS.

According to The Times, the World Anti-Doping Code allows for athletes to have their punishments reduced if they make full confessions and provide extensive details about their doping.

The Times report also said that benefactors assocated with Armstrong's charitable organizations are pressuring the cyclist to confess. Last year, Armstrong's cancer-fighting charity formally dropped him from its name and is now officially known as the Livestrong Foundation.

The Associated Press contributed to this report.