The actor is in "serious discussions" for an appearance next to Danny Trejo, who will reprise his 2010 titular role, reports Deadline.
> Mel Gibson tape released by Joe Eszterhas: 'He badly needs help'
Gibson was rumoured to be in talks for the movie alongside Michelle Williams earlier in the month.
Rodriguez is in line to direct Machete Kills, but has admitted he may need to enlist another director if the filming clashes with Sin City: A Dame to Kill For.
"Currently I am directing it," Rodriguez told The Hollywood Reporter.
"But we're checking to see if there's going to be the need for another director if I have to go off and do Sin City... But Machete looks like it's going to go pretty quickly, so it's possible that I will direct the whole thing."
Rodriguez continued: "There's so much of it that I want to direct I'll probably end up directing the whole thing, but if I have to step off, I'm going to try and shoot all of the actors and all of the main sequences.
"It's such a fun movie, and it just came out even more fun than I could have imagined."
The original Machete also starred Robert De Niro, Jessica Alba, Steven Seagal and Michelle Rodriguez. Only Trejo has been confirmed to return for the sequel so far.
> Robert Rodriguez's 'Machete Kills' filming from April
> Jessica Alba, Michelle Rodriguez in talks for 'Machete 2
Watch a trailer for the first Machete film below: