The speculation has been fuelled by the Home Ministry placing an order of five Bharat Ratna medallions.
BJP leaders have in the past demanded Bharat Ratna be awarded to Vajpayee.
Prime Minister Narendra Modi, who is heading the BJP-led government now, would take call on this and probably would announced it in his Independence Day speech.
Among others whose names are being speculated is Netaji Subhas Chandra Bose.
A senior Home Ministry official said that four days back the government mint had been asked to make for five medallions of the Bharat Ratna.
"But ordering five medallions does not mean that five persons will be bestowed with Bharat Ratna. This is to keep adequate number of medallions in reserve," he said.
Besides, the government's rule for Bharat Ratna is clear that the number of annual awards is restricted to a maximum of three in a particular year.
The recommendation for Bharat Ratna is made by the Prime Minister himself to the President. No formal recommendation for this is necessary.