According to E!, the rapper has been spotted on Wednesday shooting a scene (possibly a cameo) in downtown Atlanta. The entertainment publication suggests West may be part of a fight scene (à la the memorable brawl from The Legend of Ron Burgundy).
In addition to the guest stars and cameos above, Anchorman: The Legend Continues stars Will Ferrell, Christina Applegate, Paul Rudd, Steve Carell, Vince Vaughn, Kristen Wiig, Luke Wilson, Fred Willard and more. It is expected to release sometime this fall.
UPDATE (5.10.13): The Daily Mail has obtained photos from the Anchorman set. The photos include shots of Will Ferrell, Steve Carell, Sacha Baron Cohen, Tina Fey, Amy Poehler, John C. Reilly, Liam Neeson and Kanye West. See one of the shots of West below. Full set of pictures here.