According to Variety, the Community star is in final negotiations to appear in the sequel directed by Robert Rodriguez.
McHale is eyeing the role of a spy-hunting reporter who is married to Jessica Alba's character. Alba plays the stepmother of the reporter's children.
Spy Kids 4 is expected to arrive in US cinemas on August 10, 2011.
McHale, who hosts The Soup on E!, is also starring in the forthcoming feature films What's Your Number? and The Big Year.