The 56-year-old action legend is reportedly in negotiations with studio Paramount to play General Joe Colton, according to the Heat Vision blog.
In the 80s comic book series the character General Colton was responsible for creating the G.I. Joe strike team and was the first soldier to be given the G.I. Joe name.
If he lands a role in the movie, 'Die Hard' star Bruce will be joining returning cast members Channing Tatum, Ray Park and Arnold Vosloo who are all reprising their roles from the first film, 'G.I. Joe: The Rise of Cobra'.
Director Jon Chu - who is taking over the franchise from Stephen Sommers - has also cast a number of new actors in the movie, including former WWE wrestler Dwayne 'The Rock' Johnson, Adrienne Palicki and Ray Stevensen.
Shooting on the sequel is set to start in New Orleans at the end of August and it is scheduled for release on June 29 2012.
