The Stay With Me singer would follow in the footsteps of superstars including Adele, Madonna and Dame Shirley Bassey if he is picked to sing the anthem for the next film in the 007 franchise.
Bond star Daniel Craig is reportedly keen for Adele to follow up on her 2012 Oscar-winning theme tune for Skyfall, but producers are said to want to sign up Smith instead.
A source tells British newspaper The Sun, "Sam is our top choice. He has the profile, cool image and astonishing voice to record a Bond theme.
"And there is only so long we can hold out for Adele. Daniel Craig was pushing for her because she did such a great job last time around."
The coveted job would be a major boost for 22-year-old Smith's already blossoming career and it would mark the first time a British male singer has recorded the Bond theme tune in three decades. Rocker Simon Le Bon was the last British male to sing a Bond theme when he recorded A View to a Kill with Duran Duran in 1985.