HI Aswin,
when you go to the Reporting Server Configuration Manager and then to "Web Service URL", when you click on the link, does it open?
Can you also please verify you have already done this:
Operations Manager reports fail to deploy
https://learn.microsoft.com/en-us/troubleshoot/system-center/scom/cannot-deploy-operations-manager-reports
Tghe other think is to check your Datawarehouse connection string, like suggested here:
Configuring SQL Reporting Services for Remote or different SCOM DW Database
https://azurecloudai.blog/2016/12/20/__trashed-3__trashed/
Please let me know if this helped.
(If the reply was helpful please don't forget to upvote and/or accept as answer, thank you)
Regards
Stoyan Chalakov