Sources have said the idea is to expand on a possible film project with Illumination Entertainment, the studio behind "Despicable Me," to eventually make a Super Mario Brothers animated movie.
"Nintendo has so much to offer for them to just confine it to a small kiddie land inside an existing park to me, personally, doesn't make a lot of sense," Thom Pratt, of The Kingdom Insider, told WFTV.
Universal Orlando said it would not comment on speculation.
Japan is scheduled to open its Nintendo land in 2020.
Universal Orlando is scheduled for shortly after that.