Although official confirmation is still pending, Craig is widely expected to return as the iconic spy in the 25th Bond caper, due out in 2019.
He had previously said in an interview in 2015 that only a huge sum of money would tempt him back to the part – and reports have claimed that he will pocket $ 150 million.
Elba, who was himself tipped to take over from Craig if he stepped down, told radio hosts Kyle and Jackie O: “Daniel Craig is a great Bond.
“I think honestly he and his business team are very clever – ‘no I won’t do it. $ 150 million? Yes I will do it!’”
Elba is currently promoting his own new movie, The Dark Tower, which has been bombarded with negative reviews.
But speaking on why he signed up for the part, he told US TV’s Seth Meyers that he was a fan of Stephen King’s work.
“I’m a fan of Stephen King,” he said. “He’s a little dark! The Shining, I was a fan of.
“I wanted to be in a blockbuster, I wanted to play a big hero in a film. And who better for than Stephen King?”
The Luther star also had high praise for his co-star Matthew McConaughey, who plays The Man In Black.
“Matthew’s great, it’s very different: stoic, evil guy. He’s really good,” he enthused.
The Dark Tower is out in the UK on August 18.