Latino Review claims to have heard from an inside source that the comedy stars are being lined up for unspecified roles in the cosmic blockbuster.
The report goes on to speculate that it may be Carrey and Sandler's voice talents the studio is after, suggesting they could be in line to portray either Rocket Raccoon or Groot.
Rumours surrounding the casting of Guardians of the Galaxy protagonist Star-Lord remain in circulation, with the latest names linked with the role including Wes Bentley, Chris Lowell, and Cam Gigandet.
Other actors allegedly in the frame include Joseph Gordon-Levitt, John Krasinski, Garrett Hedlund, James Marsden, Sullivan Stapleton and Lee Pace.
Guardians of the Galaxy is scheduled for release on August 1, 2014.
Photo gallery - Jim Carrey's career in pictures: