Thesun.co.uk reports that the 18-year-old Dev will appear on the show along with director Danny Boyle. They will raise money for Britain's children charity - Railway Children.
The "Slumdog Millionaire" plot revolves around the hero (played by Dev) winning the Indian version of the quiz show.
A spokesperson for the show said: "We were approached by Railway Children about doing the special and we think it would be fantastic. Danny and Dev would play together, as with all our celebrity specials, but filming depends on their availability."
A source added: "Danny and Dev are keen to keep on giving back to the street kids and have been talking to Railway Children about appearing on 'Who Wants to be a Millionaire?' Filming of the special depends on when both are available, as they are in huge demand following their Oscar success.
But we hope it will happen later this year. To have Dev back in the Millionaire hot-seat would be brilliant, and would do a lot for the charity."