Elba is said to be one of the three actors being considered for the negative role in the Bryan Singer movie, reported Ace Showbiz.
Tom Hardy's name had earlier cropped up but the actor is apparently no longer in the race.
If Elba's name is finalised, he will step in the role of Apocalypse, an ancient and immortal mutant.
'X-Men: Apocalypse' will be released in summer 2016. Actors are sought for the roles of young Cyclops and Jean Grey.