Bonds believes a group of MLB owners colluded to prevent him from obtaining a job in Major League Baseball following the 2007 season, his final year in the major leagues.
According to the report, Bonds has long considered taking legal action against the owners, but has waited to address them until his longstanding steroid trial came to a resolution.
In 2011, Bonds was charged with obstruction of justice related to testimony in the case in 2003, but last month an appeals court reversed the decision. Bonds' trainer Greg Anderson, who worked for BALCO, was indicted by a federal grand jury in 2003 and charged with supplying steroids to athletes.
It is unknown whether the former seven-time MVP has filed a case yet, but the report said the collusion case is likely to be heard in 2015.
Bonds is the all-time leader in home runs in professional baseball, hitting 762 over his 22-year career.
The report surfaced just hours after Bonds was inducted in the Bay Area Sports Hall of Fame.