Filming for the 24th feature film of this series will begin next summer, Yahoo UK reports.
Cruz is currently pregnant with the couple’s second child.
A source from the movie’s team production said: “The producers have tried to get Penelope before, but she has never been available because of other commitments.”
“The discussions have been going on for some time and they are working out the contract details now.”
The movie, which will have a budget of £ 100 million, will be directed in all likelihood by Sam Mendes, the same filmmaker who directed the previous film in the series – 007: Skyfall.
Penelope Cruz and Javier Bardem married in July 2010 and have a baby boy, Leo Encinas, born in January 2011. The couple’s second child will be born in the second half of this year.