Inbev is expected to launch a 4% abv version of Stella Artois in the UK later this week.
It is thought the move to lower the strength from 5.2% abv may be partly an attempt to distance the brand from its "wife-beater" association, which InBev boss Stuart McFarlane recently described as "irresponsible" and "offensive".
The move would follow the launch of another lower-strength Artois brand, Peeterman, and comes after two separate marketing revamps for Stella Artois in the space of a year.
Commenting on the speculation, market analyst Graham Page of AC Nielsen, said: "It will be interesting to see how the new Stella will be labelled and packaged, and, more importantly, at what price it will retail.
"The question has to be: will this generate more total volume and profit for Inbev?
"If the gravity is reduced, will it still be sold at the same premium price in the on-trade?"