The Hollywood Reporter:

Jake Gyllenhaal is ready to bring a little mystery to the Spider-Man universe.

The actor is in talks to play the classic Marvel villain Mysterio in the sequel to Spider-Man: Homecoming. Spider-Man creators Stan Lee and Steve Ditko introduced Mysterio in the comics in 1964. A special effects expert, Quentin Beck used his talents to create elaborate illusions to commit crimes and to fight Spider-Man.

This is SO great. Mysterio is a Spider-Man villain I’ve always wanted to see come to life.

Also, much how Michael Keaton as the Vulture had a meta aspect to it (Spider-Man vs. Batman, or Birdman), the meta aspect here is that Gyllenhaal was in talks to replace Tobey Maguire for Spider-Man 2, when Tobey was dealing with a back injury.