The booking would be the 53-year-old's first non-WWE event in decades.
It is unclear in what capacity he would be appearing but Wrestling Observer Newsletter editor Dave Meltzer suggests taking part in any match is unlikely.
And he believes it may well be the case that the Dead Man doesn't wrestle ever again.
That could well put to bed speculation that the Undertaker will make a shock return at WrestleMania 35.
Meltzer said: "At least as of a week ago he was not doing either [WrestleMania or Saudi Arabia] and obviously [WWE] can panic and the Saudi Arabia show if the Prince wants him they can offer him so much money to do it, but as of a week ago he was not on either show.
“So I think he’s retired as a wrestler.”