Mary Kom said the official announcement about the honour would be made shortly.
"It's in the process and the announcement (by the Army) will come very soon," she said when asked about the reported move by the Army.
If conferred the rank, Mary Kom will join cricketers Mahendra Singh Dhoni, Sachin Tendulkar, Kapil Dev and Olympic gold-medallist shooter Abhinav Bindra to be given honorary ranks by the country's defence forces.
Dhoni, Kapil and Bindra were made Lieutenant Colonel in the Territorial Army while Tendulkar holds the rank of honorary Group Captain in the Indian Air Force.
Mary Kom, who is the only woman boxer to qualify for London Games, said the Olympics will be less competitive than the World Championships and she is confident of winning a medal.
"Olympics will be easier in the sense that the competitors will be less and if you win your first bout you will be in the quarterfinals," Mary Kom, who would be competing in 51kg category, said on the sidelines of a programme organised by electronics giant Samsung to announce incentives for London Olympics.
"My training is going very well and I am prepared. So, I am confident of winning a medal in London Olympics but I cannot say whether it will be gold or silver or bronze. Winning a medal in Olympics is my dream," she said. MORE