Gossip is rife that the 34-year-old pop superstar is to play the singing mutant in Reynolds' (Deadpool) and Hugh Jackman's (Wolverine) eagerly awaited flick, 'Deadpool and Wolverine', and the Hollywood star insists anything is on the cards in the MCU.
Speaking to Fandango, Reynolds said of the speculation: "Movies like this, there's so much speculation, so many people that might end up in the film. I mean, I saw one that was convinced Elvis was in the movie. Anything could happen, and that's sort of what I love about this universe and this world. Surprises are the essence of Deadpool."
If Taylor is superheroine Dazzler - who can convert sound vibrations into light and energy beams - she would join hosts of stars who have made cameos in Marvel productions, including Miley Cyrus, Brad Pitt, and Seth Green.
Meanwhile, Reynolds admitted he is shocked that Disney have allowed 'Deadpool and Wolverine' to be a "Hard R".
The 47-year-old star is "surprised" that the studio gave film bosses the creative content for an adult story.
He told the outlet: "I'm really proud of them for doing this. I think it's a huge step for them. It adds a whole other colour to this kaleidoscopic wheel that is that company and the different people that they have been entertaining for forever".
The 'IF' actor added: "I was surprised though that they let us go as Hard R... but very grateful. I mean, there's no other way to do it.
"For this character and this world, and particularly 'Logan' being an R-rated film as well, I felt like that was the most full-throated version of Wolverine and Logan that we've ever seen as well, so it really allowed us a lot of freedom, not exploiting the R rating just to do R-rated stuff, but really allowing us to do anything and everything in a world where anything and everything is possible."
Shawn Levy has directed the superhero flick - which is set to be released in July - and has promised that the film is a "two-hander character adventure" as opposed to just 'Deadpool 3'.
He told Screen Rant: "As far as crafting the 'Deadpool and Wolverine' story, I just felt privileged every day because you're talking about two massive movie stars in their most iconic roles.
"It also gave me an opportunity. It's the third Deadpool movie, but it's not 'Deadpool 3'. It's a different thing that's very much Deadpool and Wolverine.
"And it's not trying to copycat anything from the first two movies. They were awesome, but this is a two-hander character adventure."