Beyonce, Leona Lewis, Duran Duran, Jack White, Duffy and Annie Lennox are some of the other performers who submitted songs for consideration to producers of the film, which stars British actor Daniel Craig as the suave secret agent, E! Online said.
Although no official announcement has been made, a source told the entertainment news Web site, "I believe Alicia is the winner."
Keys's publicist declined to comment when contacted by E! Online.
The movie is due to open in U.S. theaters in November.
2014: The Year in Music [PHOTOS]