The 50-year-old actor will reportedly play Colonel Stars, a military-themed superhero who founds Justice Forever, a team consisting of heroes fighting crimes.
The actor is said to be a fan of the action fantasy movie, but so far no deals are in place, the Deadline reported.
Set to be a follow-up to the Matthew Vaughn-directed movie, the sequel has Jeff Wadlow on board as the helmer. The movie will bring back Aaron Johnson, Christopher Mintz-Plasse, Chloe Moretz and Nicolas Cage as Kick-Ass, Red Mist, Hit Girl and Big Daddy respectively.
Carrey's last big screen outing was 2011's 'Mr Popper's Penguins'. He will next be seen in 'Burt Wonderstone', which also stars Steve Carell.