The British model - who is married to comedian David Walliams - could follow in the Steps of Elizabeth Hurley, Heather Graham and Beyonce Knowles by playing the leading lady in the comedy series starring Mike Myers as the hapless spy renowned for bad teeth and 60s styling.
A source told The Sun newspaper: "Lara's name has been touted in casting meetings for 'Austin Powers 4' and there is talk that bosses would like to get her in for a screen test - especially as she's talked about comedy in interviews."
Mike recently signed up for a fourth film, making it his first since the ill-fated 2008 movie 'The Love Guru' - for which he won the Worst Actor Razzie.
'Austin Powers: International Man of Mystery' - the first movie in the franchise about the spy's mission to rid the world of Dr. Evil, also played by Mike - made $67 million in cinemas worldwide, but the 1999 follow up 'Austin Powers: The Spy Who Shagged Me' grossed $312 million.
The third 'Austin Powers in Goldmember', starring Beyonce, took $296 million at the box office.