The 41-year-old English actor will play Ferrari, said The Hollywood Reporter.
If a deal is made, Rapace, 35, would play Ferrari's wife, Laura Dominica.
Michael Mann will helm the project, which adapts the 1991 book "Enzo Ferrari: The Man, the Cars, the Races, the Machine", written by Brock Yates.
The book recounted Ferrari's ascent, working for Alfa Romeo, first as a racer and then as a developer, founding his own company in 1947, racing victories in the '50s and '60s, letting Fiat slowly take control of the company.
