Mr Graf is a transgender man and the pair married earlier this year.
Ms Graf, 31, said she was "flattered" by West's idea. There has previously been calls to revamp the typical James Bond with Idris Elba eyed for the iconic role earlier this year.
"I'm very flattered that Dominic thought of me," Ms Graf said.
"I don't think I'm going to become an actress anytime soon, but there's no reason why there shouldn't be a transgender Bond. We've seen too many men in hero-type roles and women playing second fiddle."
On social media, Ms Graf thanked the actor but said the Bond role was "surely best suited to my actor husband Jake Graf".
Meanwhile West revealed that he himself would definitely go for the role if it was offered to him.
"Of course I would [take it], but I don't think I will be [offered the role,]" he said.
Here's everything we know about the next James Bond film.
WHEN WILL BOND 25 BE RELEASED?
The next Bond movie is currently in pre-production. It is expected to be released in theatres on February 14, 2020, however, the plot is yet to be revealed.
The movie will be directed by Cary Joji Fukunaga. He previously directed Netflix hit Maniac, True Detective and Hane Eyre among many others.
DOES IT FOLLOW THE CASINO ROYALE STORYLINE?
The director of the movie recently revealed that the storyline would follow the character arc that started with Casino Royale.
Speaking to The Inquirer, he said: "In terms of what I can bring to change the character, Bond is on a character arc that started with Casino Royale, and I will be carrying that on.
"There will be changes, I am sure. As in any story, a character has to change in order [to have] a narrative."
WILL DANIEL CRAIG RETURN?
Daniel Craig will, in fact, be making a return for Bond 25.
The director has said that he appreciated the fragility and humanity Craig brought to the character in Casino Royale. So, viewers can expect to see more of that in the upcoming flick.
As for the rest of the cast, the production hasn't confirmed any other actors apart from Craig.
Before Craig, the iconic role of James Bond was played by Pierce Brosnan.