The rapper made the announcement on Twitter and posted a picture of himself mimicking the popular character Coco drinking the cereal.
"REAL TALK! I've just been asked to do the voice over for the coco pops monkey! I always wanted to be the Milky Bar Kid... Oh well!" Dizzee tweeted.
However, the star hinted that he took offence to the offer and added the hashtag "#Thisracismiskillingmeinside".
Dizzee Rascal is currently working on the follow-up to his 2009 record Tongue n' Cheek, which reached number three on the UK chart.
The star will feature on Calvin Harris's forthcoming album 18 Months, which will be released in the UK on October 29.
Watch the music video for Dizzee Rascal's 'Bonkers' below: