The honeymoon scenes featuring characters Chris and Ana from the novel by E.L. James will be shot on the island, Spain's Huffington Post reported on Sunday.
Madrid will also feature briefly in the film as the setting for a business meeting with Italian entrepreneur Alessandro Proto, the real life figure who inspired the character of Christian Grey.
Filming of the movie starring Jamie Dornan and Dakota Johnson started in Vancouver in January.
More than 90 million copies of books in The Fifty Shades of Grey series have been sold worldwide. Over a million copies were sold in Spain last year, according to publishers Penguin Random House.
Spain's Canary Islands have played host to other big-budget Hollywood productions in recent times. These include Ron Howard's In the Heart of the Sea, starring Chris Hemsworth, and Ridley Scott's Moses epic.