According to the publication, Musk may offer Tesla's Powerwall home batteries or technology from SpaceX or The Boring Company to help locate and rescue the team, though Thai officials have not announced whether they will use Musk's resources.
Meanwhile FIFA has sent a letter to the president of the Football Association of Thailand offering its "deepest sympathies and support" to the families of young soccer players and their coach trapped in cave in the country's north.
Though rescuers found the group after nine days and they have received food, blankets and medical attention, it is still a risky dive and scramble through four kilometres of tunnels where they are trapped in - as they can not swim or dive.
Tech Billionaire Elon Musk's private plane stopped at the Humboldt County Airport last night on its way to a daring rescue in Thailand.
The boys became trapped in the cave two weeks ago after water rose and cut them off.
The Thai official in charge of the rescue of 12 boys and their soccer coach says they're physically ready and mentally determined for their extraction now underway from a partially flooded cave.
Musk said more engineers are on the way.
Earlier, a former Thai navy diver died on his way out of the caves after delivering air tanks to those trapped.
"Boring Co. has advanced ground penetrating radar (and) is pretty good at digging holes", Musk tweeted.
"The water level may rise to the area where the children are sitting and make the area less than 10 square metres", he said, citing estimates from cave divers and experts.
He then considered that it was "maybe worth trying" inserting a nylon tube into the cave network to create an air tunnel underwater. He added that it could supply "fully charged Powerpacks and pumps" to aid authorities.
It is not yet known whether SpaceX will use taxpayer funding to assist the Thai rescue effort, or if Musk is funding the mission himself.
One of the main working theories of how to retrieve the boys is to train them to dive out of the cave.