Team GB's Olympics stars are in line for honours after Downing Street confirmed there would be no formal cap on the number of athletes and coaches who can be recognised.
Prime Minister Theresa May is "extremely proud" of the team's medal haul following the "amazing" games and wants to see that success recognised.
Mo Farah has admitted that he would be thrilled to receive a knighthood after his "double double" success at the Rio Olympics, with other stars also expected to be honoured.
The Prime Minister's official spokeswoman said: "We have had an amazing fortnight at the Rio Olympics and we should be looking at the differing ways that we can recognise and reward the athletes for all they have achieved, and honours are there to recognise and reward people."
British athletes were treated to a flurry of honours after London 2012 and calls have been growing for this year's champions to make it on to the next honours list.
Mrs May's spokeswoman said: "The PM is extremely proud of all that we have achieved, to surpass what we did in London and become the first country to ever achieve that at the next away Games is a great achievement.
"In terms of honours, there is an independent process. There is no formal cap on the number of honours that can be awarded. There is guidance given by the Cabinet Office year to year on ballpark figures that different sectors could expect, but where there are special circumstances and a particularly high number of deserving people then the committees and Government would look at that.
"They should be about recognising and rewarding great achievement and, by goodness, we have had that over the last two weeks."
Cycling golden couple Jason Kenny and Laura Trott, who gained more medals than most of the countries competing at the Games, are also tipped for gongs. Kenny received an OBE in the Queen's New Year Honours following the London Games.
Boxer Nicola Adams, who already has an MBE, could be due for another honour after she defended her Olympic title, cementing her status as Britain's most accomplished amateur fighter.
Tennis star Andy Murray had already been touted as potentially the "most popular Scottish knight since Sir William Wallace" by the SNP's Alex Salmond before he secured his second Olympic gold. Murray was awarded an OBE following his success at the US Open and Olympic Games in 2012.
Other possibilities for honours could include the Brownlee brothers, Alistair and Jonny, who finished as top two in the men's triathlon; goalkeeper Maddie Hinch, who gave a star turn in the women's hockey; golfer Justin Rose, who became the sport's first Olympic champion for more than a century; and Liam Heath, who struck gold to become Britain's most successful canoeist.
Nominations can be made by anyone but names are reviewed by the relevant honours committee and checked by various government departments before they are given the seal of approval by the Queen.