Michelle Williams and Riz Ahmed are also on board with Ruben Fleischer directing, reported Variety.
According to the sources, Slate will play a scientist in the film.
Scott Rosenberg, Jeff Pinkner and Kelly Marcel will write the script for "Venom," with Avi Arad and Matt Tolmach producing the movie.
Since its inception in 1988, the alien symbiote Venom has been one of "Spider-Man's" most popular characters, making the film a top priority for Sony.
Venom made his first big-screen appearance in Sam Raimi's "Spider-Man 3," where he was portrayed by Topher Grace.
"Venom" is set to hit theaters on October 5, 2018.
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