The 22-year-old singer controversially left the world-famous pop group in March, and is now keen to secure an endorsement deal with a huge fashion brand, a source told the paper.
"Zayn has always been very creative and introverted," said the source. "He tried out various looks and styles during his time in One Direction, which has led to interest from top fashion houses."
Even if the rumours are true, fans need not fret as Zayn is said to be committed to making more music in the future.
"Music will always be his priority, but fashion could be more than just a side project," said the source. "The long-term aim could be to potentially earn a big-money endorsement deal with a huge fashion brand."
The news comes shortly after reports the singer plans to try and tackle the stage during the Old Vic's 24 Hour Plays series this autumn.
"Everyone expects Zayn to go a certain way now he has quit 1D, but his people are already talking with organisers of the 24 Hour Plays to get him involved," said a source.
"They want him to make a cameo, which won't require much acting but will see him in a grown-up light among some great A-list company. They also want to maintain his profile in America."
Malik has been experimenting with a new image since he announced his departure from the chart-topping group, and recently dyed his hair green.
"I'd like to apologise to the fans if I've let anyone down, but I have to do what feels right in my heart. I am leaving because I want to be a normal 22-year-old who is able to relax and have some private time out of the spotlight," he said in a departing statement.