According to Deadline, the Fast Five star has begun negotiations with Paramount Pictures to join the action sequel as a character called Roadblock.
In the G.I. Joe canon, Roadblock is the codename of a character called Marvin F. Hinton, an African-American who serves as both the team's heavy machine gunner and their chef.
Original film stars Channing Tatum, Ray Park and Lee Byung-hun are all expected to reprise their roles as Duke, Snakes Eyes and Storm Shadow for the new film.
Paramount has yet to comment on Johnson's potential involvement with the project.
The tentatively titled G.I. Joe 2: Cobra Strikes is expected in cinemas on August 10, 2012.
Watch Dwayne Johnson in the trailer for his last film, Fast Five, below: