The American production company is reportedly circling the Thor actor for a part in Quentin Tarantino's remake Django Unchained. However, the Luther star is supposedly up against Will Smith, who is Tarantino's first choice for the part, so may be free to make Pacific Rim instead.
Pacific Rim tells the story of a future in which humans combat an alien invasion that threatens Earth by using giant robots.
It was reported in early May that Sons of Anarchy star Charlie Hunnan had joined Pacific Rim as the film's protagonist.
Elba previously praised Thor's colour-blind casting, stating that he appreciated such a fresh attitude in Hollywood.
The 38-year-old is currently shooting Prometheus, Ridley Scott's Alien prequel. Elba confirmed to Digital Spy exclusively that he had joined the highly-anticipated film, starring Noomi Rapace and Michael Fassbender.
Pacific Rim is scheduled to open in cinemas in 2013.