The 36-year-old actor will star alongside current Bond, Daniel Craig, reported Daily Express online.
"Benedict 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.
"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," a source said.
While Craig is the only star confirmed for the 24th film, it has been reported that Ralph Fiennes will also be part of it.