The star of The Wire was previously identified by Daniel Craig as the most likely successor to him.
Elba told NPR: "I would do it, but I don't want to be called the first black James Bond. Do you understand what I'm saying?
"Sean Connery wasn't the Scottish James Bond and Daniel Craig wasn't the blue-eyed James Bond. So if I played him, I don't want to be called the black James Bond."
The actor added that he would "consider" the role if he was asked to play the iconic hero by Sony.
He said: "I'd not only get in the cab but I'd take the taxi driver out of the car, hostage. The taxi, jump out while it was moving, jump onto a pedal bike that was just past the door as I got on it, and then get onto a plane - on the wing - land on top of Sony Studios, slide through the air conditioning, and land in the office."
Craig is currently working on the next film in the franchise, following the 2008 release of Quantum of Solace. The successor is to be partly shot in Delhi, India.
Elba was most recently nominated for two separate Emmy awards for his performance in the titular role in Luther and his guest appearance on The Big C.
In June, the actor said that he wants to make a big-screen version of the BBC drama.
"I really do want to make Luther into a film," he said. "I think that's where the ultimate Luther story will unfold, the big silver screen."
He added: "[I'd like] London as a huge backdrop and a very menacing, horrible character to play against."
Watch the trailer for Quantum of Solace below: