It may seem like a stretch, but you might be on to something here. Of course we could be wrong and the villain will allude to a different color scheme, but it would be great to help round out all the main colors. The only issue is that green is obviously the main color associated with the Shrek franchise (the ogre himself is green), so it might be redundant or conflicting. However, anything is possible and we could be dead wrong (many people were far off with Death being, well, Death in The Last Wish).
Now, if we're going by this specific detail regarding colors, I've narrowed down these candidates-
Shrek's Parents
Peter Pan
A character with a connection to Frankenstein (a story often associated with the color green)
An original villain (we haven't had one since Lord Farquaad in the original film, so maybe we'll get someone wholly original)