Col. Muammar al-Qaddafi, the Libyan strong man, has outfitted ''special assassination squads'' to kill President Reagan, Vice-President George Bush, Secretary of State Alexander Haig, and Defense Secretary Caspar Weinberger, Newsweek magazine reports.
The magazine says that if a Libyan assassination attempt occurs, the United States has contingency plans for B-52 bombing runs over one of Libya's 14 terrorist training camps.
Quoting senior Reagan administration officials, Newsweek says security has been tightened around the President and the top aides following recent intelligence reports.
Newsweek says Colonel Qaddafi ''first talked loosely about killing Reagan'' after the downing of two Libyan warplanes by US fighters in August.
None of the would-be assassination teams have been able to enter the US, but officials are quoted as saying that Qaddafi already has agents in the US.
It also noted US suspicions that American diplomats in Europe have been recent targets of Libyan assassination attempts and plots.