The development adds two prominent Hollywood stars to the growing list of actors linked with the coveted role, which became vacant after Daniel Craig ended his 15-year run as 007.
Both Pattinson and Hoult have established themselves through major film franchises, giving them considerable experience in handling high-profile roles and blockbuster productions.
Pattinson, who currently portrays Batman for DC Studios, previously gained international recognition through the Twilight film series and appeared in the Harry Potter franchise. He is also part of the cast of Denis Villeneuve’s upcoming science-fiction epic, Dune: Part Three.
Hoult, meanwhile, plays the villain Lex Luthor in DC's Superman films and featured prominently in the X-Men prequel trilogy. His next project, Amazon MGM Studios' How to Rob a Bank, is scheduled to arrive in cinemas on November 13.
The latest developments come as preparations gather momentum for the 26th James Bond film, with Amazon MGM Studios taking a leading role in shaping the franchise's next chapter.
Last year, the studio appointed Villeneuve as director of the upcoming Bond film, while Steven Knight, creator of the popular television series Peaky Blinders, was engaged to write the screenplay.
Producers Amy Pascal and David Heyman have also been tasked with overseeing the next phase of the franchise, making the selection of a new actor to portray the legendary spy one of the project's major priorities.
Several British actors have featured in casting speculation over the past year, including Callum Turner, Josh O'Connor and Jack Lowden.
Variety also reported that singer and actor Harry Styles had held discussions about the role, while Theo James, 41, remains among the names linked with the character.
The growing speculation has attracted comments from established stars who have previously been associated with the franchise. Pierce Brosnan, who portrayed Bond during the 1990s, recently expressed support for Turner, while Gary Oldman backed Lowden, his co-star in the television series Slow Horses.
Oldman also suggested that the next actor to play Bond had already been selected, although no official casting announcement has been made.
Amazon MGM Studios declined to comment on the latest reports surrounding the casting process.
The search for Craig's successor has generated considerable interest among film fans, with the eventual choice expected to shape the direction of one of cinema's most enduring action franchises.