A show source told the media outlet Paul is in talks for a recurring role when the new show debuts in November.
Casting will officially begin at the end of the month, with production to start in May.
Producers are also courting Cranston to appear for a cameo or two, and he has said he would love to do it, E! said.
"Better Call Saul," which is set to premiere in November, will focus on the exploits of Saul Goodman, the morally questionable lawyer played by Bob Odenkirk in "Breaking Bad."
"Breaking Bad" wrapped up last fall after five seasons.