However, Whitehall sources said that such a deal would take some time to negotiate.
In the meantime, Mr Hammond suggested that the best way for Britain to capitalise on its support for the rebels who toppled the Gaddafi regime is for British companies to seek business in the new Libya.
"Now that campaign is over, of course I would expect British companies to be, even today, British sales directors, practically packing their suitcases and looking to get out to Libya and take part in the reconstruction of that company as soon as they can," Mr Hammond told BBC Radio Four.
Following the fall of Tripoli in August, Lord Green, the trade minister, last month visited Libya to meet the National Transitional Council, accompanied by executives from companies including BP and Shell.
British officials say they are concerned that companies from other European countries, especially France and Italy, are lobbying aggressively for deals in post-Gaddafi Libya.
Despite Mr Hammond's encouragement to British companies, the Foreign and Commonwealth Office is still warning Britons against visiting Libya.
The FCO advises against "all but essential travel" to most major Libyan towns, and says: "We still advise against all travel to all other areas of Libya."
Britons visiting Libya risk "retaliatory measures from pro-Qadhafi forces or groups as a result of the international intervention", the FCO said.
Mr Hammond said that the death of Col Gaddafi should mean the end of such violence soon.
"It looks like the mission is pretty much complete, but it's a brave man that says there isn't some little pocket somewhere, of resistance that couldn't still cause a problem," he said.
The defence secretary also confirmed that Britain and its Nato partners will shortly declare a formal end to their operations in Libya.
"We made it clear we are going to stay as long as we are needed to stay to protect Libyan civilians, but on the basis of what we know now, it is clear that this operation will be coming to an end quite soon," Mr Hammond said.
"We don't want to rush out before the Libyans are ready, but on the other hand we don't want to stay a moment longer than is necessary."