The water giant is expected to confirm the plans at a House of commons select committee next month.
It would cost £7m a mile to install the 6 ft 6 in diameter pipe along the route of the HS2 rail line to boost water supplies to London.
United Utilities chief financial officer Russ Houlden told the Mail on Sunday: “Typically, the objections to such an idea have been build cost, operational cost, planning difficulties and environmental impact.
“HS2 offers a once in a lifetime opportunity to minimise planning difficulties and environmental impact.”
The first phase of HS2, covering a 155-mile route from London to Birmingham, is due to be completed in 2026.
The second phase, from Birmingham to Manchester, with a spur from Birmingham to Leeds – a total of 217 miles – is expected to be finished by 2033.
United Utilities estimates it would cost £1.1bn to run the pipe from London to Birmingham, £875m from Birmingham to Leeds and £656m from Birmingham to Manchester based on the construction costs using non-standard steel pipe.