The 40-year-old's name has come up as a strong contender for the role and she is rumored to have been approached and offered the coveted role.
If she comes on-board, Cruz will be the first Spanish and the oldest girl in Bond history, reported Aceshowbiz.
"The producers have tried to get Penelope before, but she has never been available because of other commitments. The discussions have been going on for some time and they are working out the contract details now," sources close to the production said.
Producers Barbara Broccoli and Michael G Wilson have secured their favorite helmer of "Skyfall" after exhaustive negotiations.
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