Flanagan, 23, is believed to have met the casting directors for 'Bond 24', reported Huffington Post.
"They felt she (Helen) had a unique look, great figure and natural charm on screen," a source said.
Upton had previously expressed her desire to star in the 007 spy agent film.
"It's a very prestigious title, and it would be a very cool role. I would need to go through some intense training to learn all the Bond Girl moves," she had said at the time.
Daniel Craig, who has starred as James Bond in 'Casino Royale', 'Quantum of Solace' and 'Skyfall', would reprise his role in 'Bond 24' while Sam Mendes is returning as the director.
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