Sources close to the production of the new Bond film have confirmed the move that will see Cruz become the oldest Bond girl to date, Spain's 20minutos newspaper reported on Monday.
"The producers have tried to get Penélope 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," a source cited by 20minutos told Yahoo.
Cruz will now star in what is the 24th film about the British spy James bond. The director of the latest 007 film will be Sam Mendes who directed Skyfall.
The Spanish actress is currently very pregnant with her second child to the Spanish actor Javier Bardem. The two have been seeing each other since 2007.
"She got back into shape fast after the first baby and will no doubt regain her figure quickly this time," the source said.
"She’ll be a great Bond girl. Bond girls are always brainy as well as sexy, and that’s totally Penélope."