Antonis Samaras may float the idea before he meets his German and French counterparts later this week.
Mr Samaras will meet Eurogroup head Jean-Claude Juncker on Wednesday.
Greece hopes to try and secure more funding from the European Union, International Monetary Fund and ECB.
Mr Samaras will be looking to persuade all three that Athens has done enough to receive more loans.
That is despite the country falling behind on its targets to cut debt, and the question of further austerity measures will be discussed not only with Mr Juncker but also German Chancellor Angela Merkel and French President Francois Hollande.
Greece needs 31.5bn euros ($38.8bn; £24.7bn) in the next few weeks in order to pay its debts.
In order to qualify for the loans, it must find another 11.5bn euros of savings from the government budget, says our correspondent.
To achieve this, pensions and welfare benefits will be slashed and another 34,000 civil servants are to go, he says.
But the extension on hitting deficit targets could prove a sticking point in light of comments made earlier this week by German Foreign Minister Guido Westerwelle that Greece must press ahead with agreed bailout conditions.
A "softening" of reforms in Greece was not possible, he said.
Stuck in recession, Greece is heavily in debt and has implemented more than 43bn euros worth of austerity measures since 2010 in order to try to bring down its budget deficit.
It has been granted two bailouts from its European partners and the International Monetary Fund totalling 240bn euros.
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