West, 37, said making Elba the first black actor to play the famous spy would be 'visionary', reported Independent online.
His comments follow speculation that Elba is the favourite to take on the role next after a leaked email from Sony Pictures co-chairman Amy Pascal allegedly said that "Idris should be the next Bond."
"James Bond is a role made for British actors and you won't find a British actor who has the talent of Idris. To be honest you won't find many anywhere who have his talent... A black Bond would be visionary no doubt," West said.
Elba responded to the speculation in a humorous tweet earlier this week.
"Isn't 007 supposed to be handsome? Glad you think I have got a shot! Happy New Year people," he wrote.