The star of blockbusters like Captain Corelli’s Mandolin, Leaving Las Vegas and Ghost Rider, is believed to have viewed Worminster Farm before Christmas.
The property at North Wootton, between Wells and Glastonbury, includes a six-bed Victorian house and traditional buildings with consent for conversion into four houses.
Its stunning views, however, could be the main attraction for the actor who was once married to Elvis Presley’s daughter Lisa Marie Presley.
Property firm Savills is handling the £4m sale, but refused to comment on the speculation.
Nicolas Cage is obviously keen on Somerset. He already owns Midford Castle near Bath and a Regency house in one of the spa town’s most exclusive areas.