According to a Sun newspaper source, the two music megastars will come together to sing their collaboration 'Princess of China' as part of the show's earth, wind, water, fire and ice theme.
The source suggests the collaborative performance will take place after the 'We Found Love' singer has performed a short set of her own.
Colplay frontman Chris Martin will then take to the stage to sing the duet at the ceremony, which takes place on 9 September.
A source told the Daily Star newspaper: "All the Closing Ceremony details are top secret but Rihanna has already started rehearsing.
"As soon as Coldplay signed up she was the obvious choice to accompany them on stage."
The Paralympics begin on Wednesday (29 August), kicking off 10 days of sporting events aross the capital.
On the last day of events on 9 September, musicians throughout the country will perform cover versions of Coldplay's Viva La Vida on bandstands at 2pm.
Chris Martin told the Sun: “It’s a great honour for us to be a part of this. It should be a great moment when the bandstands of Great Britain strike up in unison.”
The Bandstand Marathon will feature hundreds of community based outdoor gigs throughout the UK between 1pm and 5pm.
Jamaican sprinter Usain Bolt said last week that he wanted to enlist the help of Rihanna and Manchester United footballer Rio Ferdinand in order to spread reggae music across the world.
Martin recently revealed that he tests out all his songs on his children before playing them to Coldplay.
Boobs, bums and bikinis: The best of Rihana's Instagram