ITV has applied to Lambeth Council for permission to tether a 32-metre helium balloon to the roof of its South Bank headquarters.
The giant balloon – in the shape of a giant red and white Father Christmas hat – would be tethered to the tower by 24 lines.
The stunt – which is subject to approval by Lambeth planning officers – is intended to promote the ITV Text Santa telethon.
This year's Text Santa is scheduled for Friday 19 December and will be presented by Alesha Dixon and Paddy McGuinness, Ant and Dec and Phillip Schofield with Christine Bleakley.
ITV's Text Santa campaign has raised £15 million for charity in its first three years.
This year's beneficiaries are the Teenage Cancer Trust, Guide Dogs, WellChild, Marie Curie Cancer Care, the Alzheimer's Society and Together for Short Lives.
In 2011 the world's largest bra was attached to the ITV tower to promote the Breast Cancer Campaign.