The Athletic first reported Dinwiddie's pursuit.
Dinwiddie appeared to confirm his intention Saturday, writing in response to the report on Twitter: "Well now y'all know lol."
Despite finishing 10th in All-Star voting for Eastern Conference guards and recording a career-high 41 points in December, Dinwiddie was not on the list of Team USA finalists.
By obtaining a Nigerian passport, Dinwiddie would become eligible to compete with the country in the 2021 Summer Olympics. The Tokyo Olympics were scheduled to be held in July and August but were postponed until next year due to the coronavirus pandemic.
The Nigerian team, which is being coached by Golden State Warriors assistant coach Mike Brown, already includes Minnesota Timberwolves forward Josh Okogie and Orlando Magic forward Al-Farouq Aminu.
Nigeria qualified for the 2021 Olympics by being the top-placing African team in the 2019 FIBA World Cup.
When the NBA season was suspended more than a month ago, Dinwiddie was averaging 20.6 points, 3.5 rebounds and 6.8 assists per game. He started the season coming off the bench, but Dinwiddie, 27, moved into a starting role when Kyrie Irving suffered a shoulder injury.
Dinwiddie has started 49 of 64 games for Brooklyn this season.
Dinwiddie hits career-high 41 as Nets fall to Spurs
Spencer Dinwiddie has a superb evening, scoring a career-high 41 points as the Nets fall to the Spurs 118-105.
Dinwiddie's jumper ends Nets and Pacers back-and-forth affair
The Nets and Pacers exchange buckets throughout the last three minutes, but eventually Spencer Dinwiddie knocks down the jumper giving Brooklyn the one-point win.