Andy Burnham is considering blocking the early release of PC Andrew Harper's killers after he previously said there was nothing he could do about their freeing.
Jessie Cole and Albert Bowers are among the prisoners who are set to be set free early as new Government plans come into play, releasing 5,000 criminals prematurely over a 10-month period.
The plans were put forward as a way of tackling overcrowding in prisons.
PC Harper was killed after investigating the theft of a £10,000 quad bike in August 2019.
Bowers and Cole, then 17, alongside Henry Long, 18, tried to escape in a car in Sulhamstead, Berkshire.
PC Harper's ankles were caught in the car's tow rope and he was dragged along the road at 43mph for over a mile.
Cole and Bowers were both handed a 13-year sentence for manslaughter.
Their co-defendant, Long, received a 16-year sentence, but would not be eligible to walk free this year under the scheme.
As Cole and Bowers have served half their sentence, they would be eligible for early release under Labour's plans.
However, the prospect of their release sparked outrage among the public and police, with more than 700,000 people signing a petition demanding they stay behind bars.
The petition was set up by Aileen O'Connor, the chairwoman of Thames Valley Police Federation, the force which employed PC Harper.
She wrote on the petition's homepage: "I am absolutely outraged that the Justice Secretary and the Prime Minister have decided that killing a police officer in the execution of their duty is somehow less serious than other offences deemed too dangerous for early release."
Mr Burnham said in the Telegraph last week he had "pushed to the very limits of what is possible to do" by blocking the freeing of 1,000 rapists and "serious" child sex offenders.
He said, however, he could not prevent the early release of Cole and Bowers.
A possible U-turn has now been floated with a Government source confirming last night the Prime Minister was prepared to "explore every option" to keep PC Harper's killers in prison, according to The Telegraph.
A definitive exemption has not yet been made, but it is understood officials are working on carving one out for Cole and Bowers.
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Previously it was understood a specific exemption would be unlawful.
Mr Burnham said: "The truth is I wanted to go even further.
"I know there will be concerns about who will still be released early for other offences.
"I have pushed to the very limits of what is possible to do. I know I can look people in the eye and say to them there is nothing more I could have asked for without risking the prison system reaching capacity and collapsing within months."
Cole and Bowers, who were pictured smiling as they left court in 2019, are among 470 prisoners convicted of manslaughter who are eligible for early release.
Ms O'Connor said: "The Government are so far on the wrong side of this. They need to listen. Police officers of all ranks – including chief constables – are fuming.
"More than 700,000 people and counting have now signed our petition demanding Andrew’s killers remain behind bars.
"The public are speaking loudly and clearly that they are behind our campaign.We will continue to drive this. We will not stop.
"The Prime Minister, the Home Secretary and everybody else in Government need to do the right thing and make the changes that keep Andrew’s killers firmly where they belong."
A Thames Valley Police spokesman said: "It is encouraging that the Government is looking carefully at the early release scheme.
"Sentencing policy is rightly a matter for Government and Parliament. However, it is clear there has been strong public interest and concern surrounding these arrangements, reflecting the strength of feeling across policing, wider emergency services and the communities they serve.
"As we approach the anniversary of Pc Andrew Harper’s death, our thoughts remain with Andrew’s family, friends and colleagues and our focus continues to be on supporting them and protecting the communities of the Thames Valley."
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