The news comes as MPs prepare to debate stripping him of his knighthood, reports The BBC.
One MP voiced scepticism to the BBC about the timing, arguing it made the issue “essentially cash for honours”.
BHS, sold by Sir Philip last year, subsequently collapsed with 11,000 jobs lost and a £571m pension deficit.
Sir Philip has vowed several times to sort out the pension problem, telling MPs in June that his advisers were working on a “resolvable and sortable” solution.
On Monday, he told ITV that he was in a “very strong dialogue” with the pensions regulator to find a solution, but would not put a number on the level of financial support he would be willing to give.
A damning MPs’ report on the High Street chain’s failure, published in July, concluded Sir Philip had extracted large sums and left the business on “life support”.
At the time Sir Philip described the report as “the pre-determined and inaccurate output of a biased and unfair process”.
A debate in the House of Commons on Thursday will discuss whether Sir Philip’s knighthood, awarded in 2006 for services to retail, should be removed.
Should they vote on the issue, any such vote would not be binding.
The issue would be for the Honours Forfeiture Committee – part of the Cabinet Office – to decide.
