The 47-year-old actor -who co-owns the Welsh football club with fellow Hollywood star Rob McElhenney- has shared a new trailer for the long-awaited superhero blockbuster and eagle-eyed fans appear to have spotted the striker in the background of a scene when the two main characters are talking in a bar.
Responding to the trailer on Instagram, Palmer commented: "If you squint..."
Ryan also posted his own response to the speculation that circulated on the social media platform X (formerly known as Twitter).
In a reply to a tweet stating that Palmer is in the movie, he said: "Keen eyesight."
Director Shawn Levy recently explained that the film - slated for release in July - has been called 'Deadpool and Wolverine' because it is a "two-hander character adventure" featuring Reynolds' 'Merc-With-A-Mouth' and Hugh Jackman's mutant hero.
The 55-year-old filmmaker explained to 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."
Levy described how "audience joy" was at the centre of his creative work and he hopes that fans will have a "great time" watching the hotly-anticipated picture.
He said: "I'll tell you that the guiding thought in crafting the movie was audience joy. That was always the North Star. Yeah, it's going to be gnarly.
"Yeah, it's gonna be funny. That's a given. But we wanted to build a great time at the theatre for audiences, and that's our goal."