Elba might be in Bond, but not as Bond.

[ChrisIII]

Reportedly there's talks going on about a role for him, but not the regular one (The main factor I think is Elba's age, he's only a bit younger than Craig, and by the time the film is made he'd probably be at the same age Craig is now). Fans are thinking either he could be a new M, or the villain.

Although this is kind of similar to Wahlberg getting cast as Sully instead of Drake for Uncharted, there's actually some Bond precedent for this as well; George Baker read for Dr.No but became Sir Hilary Bray in OHMSS (I suppose you can say he kind of played Bond as he dubbed over Lazenby for a good chunk of the film's middle act) and later a small Admiral role in Spy Who Loved Me. Michael Billington was considered many times but never got it, although he did have a small role in Spy Who Loved Me as Anya's boyfriend who gets killed by Bond in the opening act. Sean Bean tried twice but ultimately became the anti-Bond Alec/Janus/006 in Goldeneye. Ralph Fiennes tried a few times and eventually wound up as Craig's second M.

[Indian Ink]

My bet's on it being M.

An aside, the notion raise elsewhere by myself and others that they could reboot back to the late 50's or early 60's, seems very unlikely because the Bond films recover a lot of money with present day product placements.