Warner Bros and DC are currently in the initial stages of the spinoff which will tell the origin story of The Joker.
The studio had tapped "The Hangover" directer Todd Phillips last year to co-write a script with scribe Scott Silver.
Phillips will also direct the movie, while Martin Scorsese will produce it with him.
Phillips has made it clear to the studio that Phoenix is his top choice for the character. Sources told Variety that Phoenix has agreed after thinking over it. WB is yet to comment on the casting reports.
This will be the first film under a new banner that has yet to be named in which WB can expand the canon of DC properties and create unique storylines with different actors playing the iconic characters.
He will reprise in the "Suicide Squad" sequel and the Harley Quinn spinoff.
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