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Blofeld is a legendary character seen in six Bond films previously, including From Russia with Love, You Only Live Twice and For Your Eyes Only. If Sheen grabs the role he will be facing off with Daniel Craig in reel life, who is the present day James Bond.
"Michael is hot property right now and it felt he's the right man to bring Blofeld back to life. Michael was a Bond fan in his youth so this would be a dream role for him," Contactmusic quoted a source, as telling the Daily Express.
The super-villain has been played by actors including late Kojak star Telly Savalas, who appeared in 1969s On Her Majesty"s Secret Service.