The actresses would reprise their roles from the Robert Rodriguez feature, which also starred Danny Trejo.
Both Alba and Rodriguez are close to signing on to the film, which will be called Machete Kills, according to Bloody Disgusting.
In the first film, Alba played an immigration agent who falls in love with Trejo's character Machete, while Rodriguez played a rebel leader named Luz.
The new film will centre on Trejo's character battling his way through Mexico in order to stop a weapons dealer from launching a powerful nuclear weapon.
Michelle Williams and Mel Gibson have been also been linked to starring roles in the movie.
Alba, who is gearing up to release her first book The Honest Life, may also be making an appearance in the recently announced Sin City sequel A Dame to Kill For.
Watch a clip from Machete below: