The 35-year-old British actor expressed interest in the part in an interview with The Sunday Times, saying he's a "huge fan" of the James Bond movies.
"I simply love the theme tune, the tropes and mythology. I love the whole thing," he shared. "If it ever came knocking, it would be an extraordinary opportunity. And I'm very aware of the physicality of the job. I would not take it lightly."
Hiddleston said he went to see Craig in Spectre, the latest film in the franchise, while shooting Kong: Skull Island in Hawaii. Bookmaker William Hill cited Hiddleston's chances of playing Bond at 10 to 1 following his role in The Night Manager.
"There are some very Bond-ish elements to The Night Manager, and the producers of the next 007 movie will surely be keeping an eye on Hiddleston's performance in case Daniel Craig decides to step down," a William Hill representative said.
Craig first portrayed Bond in the 2006 movie Casino Royale and has since starred in Quantum of Solace, Skyfall and Spectre. The 48-year-old actor previously said he is "done" with the franchise, which friend and actor Mark Strong seemed to confirm in February.
"I'd have loved to have played the villain in a Bond movie while Daniel was doing it," he told the Shortlist. "But I think he's come to the end of his Bond time and so it's probably never going to happen, but that would have always been great."
Hiddleston is known for playing Loki the Marvel cinematic universe and will portray Jonathan Pine in The Night Manager. Tom Hardy, Idris Elba, Damian Lewis and Henry Cavill are among the other actors rumored to succeed Craig as Bond.