The Atlanta Journal-Constitution reports that advocates of the expansion hope the review is a sign that Deal may be rethinking his opposition.
Deal's aides said budget analysts are just doing due diligence to ensure their decision makes financial sense.
In an interview on Tuesday with the Atlanta newspaper, the governor didn't rule out ever reconsidering Medicaid expansion, but he said the door remains shut "for now."
The issue arose earlier Tuesday when Deal's health policy adviser, Katie Rogers, spoke at a Children's Advocacy Network event.
Asked about the Medicaid expansion, she said analysts run the numbers on a range of expansion models, including a novel approach embraced by Arkansas that has piqued the curiosity of conservative leaders. That plan would pay for new Medicaid enrollees to buy coverage from private insurers through a government-run marketplace expected to open in January.