The US swimmer has suggested the six-figure sum to ABC producers and an actual fee closer to $1m (£633,000) could be on the cards if he enters negotiations to join the dating show.
"Ryan's agents are getting besieged with offers and deals, everything from The Bachelor, his own reality show, and some overseas movies," a source told Radar Online.
However, the insider added that Lochte has "reservations" about how signing up to The Bachelor could affect his image.
"Ryan is acutely aware that he has to attach himself to the right projects and endorsements that won't do damage to his all-American image," they said.
"As much as he'd like to do it, Ryan does have some reservations about The Bachelor because he wouldn't have any control on how he is portrayed on the show."
Lochte recently said that he would "definitely" consider The Bachelor as he wants "to give that perfect someone [his] heart" now that he is no longer training for London 2012.
The 28-year-old has already landed a guest role in the new season of 90210, in which he will play himself.