Tensions between activist investor Dan Loeb and Campbell Soup may be thawing.

The two — embroiled in a nasty proxy battle in which Loeb’s Third Point hedge fund seeks five seats on the soupmaker’s board — are discussing a possible settlement, a source told The Post.

Under the proposed settlement, Campbell would boost its board size to 14 from 12 and accommodate two of Loeb’s nominees, mirroring an offer by Campbell that the hedgie rejected earlier this month.

In addition to the two board seats, Loeb’s team is expected to get some added sweeteners, such as a say in naming Campbell’s next chief executive, the source added.

Talks are still ongoing, and nothing had been settled as of Sunday evening.

The possible settlement, which was first reported by The Wall Street Journal, would come ahead of Campbell’s shareholder meeting Thursday.

Loeb, who has a 7 percent stake in Campbell, was thought to be fighting a losing battle against Campbell. Descendants of condensed-soup inventor John Dorrance — comprising 41 percent of Campbell shares — pledged to vote against Loeb’s slate.

But in recent weeks proxy advisory firms such as Institutional Shareholder Services and Glass Lewis showed support for Loeb’s candidates.

Reps from Third Point and Campbell did not immediately respond to requests to comment.