The Sherlock star is allegedly being targeted to face off against Daniel Craig's 007 in the untitled 24th James Bond feature film.
According to The Express, Cumberbatch is considered "perfect Bond villain material".
"Work on the next film will begin next year and the plan is for Benedict to be on board," an unnamed source is quoted as saying.
"He grew up watching Bond, so it would be a childhood ambition fulfilled. Playing a Bond villain is one of the plum roles in film history and he'd jump at the chance."
Skyfall, the latest James Bond movie to star Craig as 007, will open on October 26 in the UK and November 9 in the US.
Sony Pictures and MGM recently struck a co-financing deal for two further Bond movies with Craig. The studios are said to be keen to return to a two-year production cycle for the Bond films, which would mean a Skyfall sequel (aka Bond 24) could arrive in cinemas in late 2014.
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Photo gallery - a history of James Bond villains in pictures: