Elton is being lined up for a fight scene in The Secret Service.
Director Matthew Vaughn wants to recruit the Saturday Night's All Right for Fighting singer for a cameo in a huge scene he is planning for the movie.
A source told The Sun: ''The Secret Service is going to be a big British movie so Matthew wants to include some iconic British stars.
''He wants to turn the films into a franchise, so getting big names on board will help boost its profile.
''Seeing Elton fighting will be movie gold. He's a great addition.''
The film is about a young delinquent who is recruited by his uncle to start spy school. Colin Firth and Michael Caine have already signed up to take part, while newcomer Taron Egerton is rumoured for the lead role and Emma Watson and Leonardo DiCaprio have also both been linked to the film.
The flick is being adapted from a comic book written by Mark Millar by Vaughn and frequent collaborator, screenwriter Jane Goldman.
Speaking about the project at ComicCon in San Diego yesterday, Millar said: ''It's all written now and they start shooting in five weeks or something.
''All the cast is done. Michael Caine is the head of this spy organisation. Colin Firth is the senior guy. It's 'My Fair Lady' meets James Bond.
''It is ... I don't know what Americans would call it, but a chav, the street kids, somebody who's a kind of hoodie or something. It's a scummy kid who's being trained to be a British gentleman spy.''