The Prime Minister is to hold the reception in November around the same time as the SNP unveil their long-awaited White Paper on independence.
Among those thought to have been invited are Wimbledon winner Andy Murray, Olympic champion Sir Chris Hoy and actor and Dr Who star John Barrowman.
But First Minister and SNP leader Alex Salmond is not thought to be included on the guest list.
Last year the Saltire flag was flown above Downing Street on St Andrew's Day.
The Prime Minister is understood to be keen to show his commitment to Scotland in the run-up to next year's independence vote.
Mr Cameron spent part of the summer in Scotland, holidaying on the island of Jura.
The reception will recognise the contribution Scots have made not just to the UK but to the wider world.