The mop-haired Johnson, who was born in New York in 1964, holds British and US passports.
He recently settled a capital gains tax bill sent by the US after he sold his house in north London, calling the demand "absolutely outrageous."
All US citizens have to pay tax to Washington, even if they live outside the country.
But Johnson told the newspaper that his intention to renounce his US passport was due to patriotic reasons, although admitted the process may not be straightforward.
"The reason I'm thinking I probably will want to make a change is that my commitment is, and always has been, to Britain," he added.
"They (the Americans) don't make it easy for you."
Johnson hopes to make a return to British national politics in May's general election, standing for a seat in the London suburbs, opening the way for a push for the top job.
Although not an insurmountable obstacle, constitutional experts warn that dual citizenship could throw up difficulties in any bid to become prime minister.
"It may be that some babe unborn will take over from Prime Minister Cameron, but it isn't going to be me," he told reporters in Washington.
