Producer Avi Lerner confirmed to Total Film that Cage has signed on for a role in the series' third instalment, while Clint Eastwood, Harrison Ford and Wesley Snipes are currently in talks.
"We've approached Clint Eastwood to be one of the guys, we've got a character in mind for him. We're talking to Harrison Ford. [And we want] Wesley Snipes when he comes back from prison," Lerner said.
"I'll give you one more name, we've got Nicolas Cage to play [one of the characters]."
Lerner went on to add that he hopes to bring back Mickey Rourke, who featured in The Expendables but does not appear in The Expendables 2, "if he won't be too crazy".
The Expendables 2 has been described as "old school action" by Jason Statham and "real guys doing real action" by Dolph Lundgren.
> Read Digital Spy's review of The Expendables 2
The Expendables 2 will be released on August 16 in the UK and August 17 in the US. Watch the trailer below: