The legendary actor is believed to be making an appearance as the head of the terrorist group in the latest instalment of the British spy franchise 'Quantum of Solace'.
A source told Britain's Daily Mirror newspaper: "Al Pacino has been approached about playing a Bond bad guy. It will be a brief but extremely important role. Movie bosses are hoping he will be the best Bond villain yet."
Pacino is expected to film his scenes at London's Pinewood Studios in April or May.
In the movie, starring Daniel Craig as the British super spy, Bond is hunting down the terrorists responsible for the death of his love Vesper Lynd.
Pacino, 67, will follow in the footsteps of stars including Christopher Walken, Christopher Lee and Robert Carlyle who have all portrayed a Bond nemesis.
Earlier this month, it was claimed Amy Winehouse was set to write and perform the theme tune for the hotly-anticipated film.
The movie - based on the books of author Ian Fleming - is to be released on November 7, 2008.
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