The 29-year-old 'Young and Beautiful' singer will face stiff competition for the coveted job from British singer Sam Smith, reported Metro online.
"Producers know it has to be a great song with a killer vocal to rival the phenomenal success of Adele's 'Skyfall'. Sam seems like the favourite but Lana could definitely give him a run for his money," a source said.
Adele's 'Skyfall' - which supported the 2012 film of the same name - ranks as one of the best-selling Bond themes of all time and helped earn the 50-year-old franchise earn its first ever Academy Award for Best Original Song in 2013.
'Bond 24', starring Daniel Craig, is expected to hit theatres in 2015.
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