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Created for a guest role on Batman: The Animated Series by Paul Dini and Bruce Timm, Harley Quinn became a popular recurring character who was an accomplice of the Joker. The Suicide Squad has had many revolving villains on the team over the years that are assembled by the government to go on dangerous black ops missions in exchange for lighter sentences if they survive. Harley is in the current run of Suicide Squad comics so the idea she'd be included in the theatrical version isn't far-fetched.
Delevingne is busy with a role in Joe Wright's Pan that comes out in 2015 and she'll be opposite Kate Beckinsale in the upcoming The Face of an Angel. If that's not enough she's also being looked at for Pirates 5.
Adding fuel to the speculative fire, Delevingne posted the image below on her Instagram account weeks ago showing her as Harley Quinn. I'm sure it's just a coincidence.