The post featured an image of a pair of glasses resting on a notice which read: "Reports of my death have been greatly exaggerated."
Matthew Vaughn will be back to direct the 2017 release from a script he co-wrote with Jane Goldman, and the movie is expected to begin pre-production in London in the coming weeks, according to The Hollywood Reporter.
Elton is no stranger to onscreen cameos, but he hasn't flexed his acting muscles in a big movie project since the Spice Girls' 1997 film Spice World, in which he played himself.
He will soon also feature on hit TV musical drama Nashville, performing as himself alongside up-and-coming singer/songwriter Gunnar, portrayed by Sam Palladio, in an episode due to air in the US on May 18.
Elton has previously lent his voice to characters for TV shows The Simpsons in 1999 and Bob the Builder: A Christmas to Remember in 2001, while he famously won an Oscar for his musical contributions to Disney's The Lion King in 1994.
-AAP