The Oscar-nominated actor is said to be in the frame to play the villainous Rhino in the upcoming sequel, said The Hollywood Reporter.
The 45-year-old, who appeared in Rock Of Ages and Cinderella Man, would become the second nemesis to the webbed superhero in the film, as Jamie Foxx has already been confirmed to play Electro.
Paul previously said the Rhino - a Russian thug with a superhuman suit and deadly horn - was his favourite comic book character when he was a child.
"I thought Rhino was the greatest thing when I was a little kid. I always thought, 'Why don't they have The Rhino in one of the movies'. If they ever go with The Rhino, I would be ready and waiting," he told Showbizspy.com in 2011.
Filming on The Amazing Spider-Man 2 is scheduled to begin in February for a 2014 release.