According to Deadline.com, both the actors are being considered for the part of the Sixties comic book hero which will be directed by Scott Derrickson, the Independent reported.
Cumberbatch just feels like he could easily pull off a supreme being of sorts, with neurosurgeon intelligence and magical abilities. He starred as Khan in Star Trek Into Darkness and impressed most fans with just his voice in The Hobbit: The Desolation of Smaug as the film’s magical, winged beast.
Recently, Marvel Studios president Kevin Feige said that the adaptation will show the supernatural side of the Marvel universe.
He explained: "There's a whole other side to the Marvel universe, which is the supernatural side.
"We haven't done anything that mind-trippy yet and for me, Doctor Strange is our doorway into that."
The Brit has shot to fame in the BBC's modern day adaptation of the classic Sherlock Holmes detective tales from Sir Arthur Conan Doyle, but it's been revealed that bosses initially weren't convinced by the star.
The show's co-creator Steven Moffat has revealed to the Radio Times that the BBC have a bit of a history when it comes to turning down better looking men.
"They said of casting David Tennant as Casanova, 'Damn you should have cast someone sexier'," Moffat explained. "With Benedict Cumberbatch, we were told the same thing. 'You promised us a sexy Sherlock, not him'."
Moffat's co-creator Mark Gatiss recently revealed that Benedict and Martin will start shooting the show's fourth series soon. Speaking on the red carpet at this month's BAFTA TV Awards in London, Gatiss (who also plays Mycroft Holmes) said that the shooting start date is nearly set:
"I can officially tell you that we are moving closer to agreeing some dates to shoot. If that sounds like a party line, it is," Mark told the Radio Times.
"That is proper progress because Ben and Martin are so busy and Stephen and myself are so busy, but actually trying to get everybody to interlock is - we have made significant progress", he added.
Mark also confirmed that the new series won't consist of a one-off episode telling Digital Spy that a full series is still "the plan".