The Sherlock star is thought to be "perfect" for a baddie role and is expected to be signed up to face off against 007 Daniel Craig in the 24th film in the franchise, according to the Express.
A source said: "Benedict is considered perfect Bond villain material.
"Work on the next film will begin next year and the plan is for Benedict to be on board. He grew up watching Bond, so it would be a childhood ambition fulfilled."
The insider added that the 36-year-old star would "jump at the chance".
Skyfall, the next Bond film and the 23rd in the series, is due to be released in October.
Earlier this month it was confirmed that Daniel, 44, had signed up to play the secret agent character for at least two more films after that.