According to Showbiz 411, the Full Metal Jacket actor is portraying "a politician and a key villain" named Nixon.
Modine joined the project earlier this month, along with Oscar nominee Tom Conti. The report went on to say that he will film his scenes during the movie's London shoot.
The Dark Knight Rises will serve as the final chapter in Christopher Nolan's Batman trilogy. It sees Christian Bale reprise his role as the Caped Crusader as the character takes on Tom Hardy's Bane and - as has been widely rumoured - The League of Shadows.
Anne Hathaway, Joseph Gordon-Levitt and Marion Cotillard will also appear in the film alongside returning cast members Gary Oldman, Michael Caine and Morgan Freeman.
The Dark Knight Rises arrives in US and UK cinemas on July 20, 2012.