The report, written by Sir Simon Fraser, a partner at consultancy Flint Global who previously worked at the Foreign Office and Department for Business, is aimed at modernising the Lord Mayor's office.
Fraser has advised the Lord Mayor to refocus the trade promotion aspect of the role on more intensive trips, according to Sky News, in a bid to reach more meaningful deals.
The Lord Mayor typically spends around 190 days of their year in office on overseas trips.
At the beginning of his tenure, current Lord Mayor Jeffrey Mountevans acknowledged his predecessor Alan Yarrow's "wonderful job in promoting UK financial and professional services across the country and overseas".
The new report is also believed to examine the role of Mark Boleat, the City of London Corporation's policy chairman who is due to step down next year.
The Corporation declined to comment.
“The City of London Corporation is the City’s bedrock, playing an historic and vital role representing business,” a spokesperson for Khan told City A.M.
“Any suggestion that the Corporation should be abolished is ridiculous and clearly not in the interests of London.”