The 34-year-old is in negotiations to appear in the forthcoming motoring movie - which is based on the Electronic Arts video game of the same name, reported Daily Star.
He is up for the role of Dino, a former NASCAR driver who also modifies supercars for wealthy clients.
Paul plays an underground racing driver who has diversified into running a garage which modifies luxury cars to boost their power.
However, he is framed for the murder of his friend - who died during a race - and after getting out of prison, he swears revenge on those responsible for his friend's death and his wrongful imprisonment.
George and John Gatins have written the script for the film, which is being directed by Scott Waugh and backed by DreamWorks.
Shooting will begin next year, with a release date of February 2014.