Russell, 62, will play the role that Universal originally offered to Denzel Washington, reported Variety.
Given the fact Washington was being considered, it is likely to be a large part that the "Tango & Cash" star is looking to play.
Vin Diesel and Paul Walker will be reprising their roles for the seventh film, with British actor Jason Statham coming on board as the principal villain.
If Russell lands the role, it will be his first big screen appearance since Quentin Tarantino's "Death Proof".
Russell's name is the latest to be attached to the James Wan-directed sequel since "Ong Bak" star Tony Jaa was confirmed for the cast.
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