Sources tell Variety, the 40-year-old actor is being considered for the role, which was played by Sophia Lillis in the 2017 horror hit.
The insiders say the film, which will be penned by Gary Dauberman, is currently in the scripting stage.
Andy Muschietti back in the director's chair. Both the helmer and writer have officially begun discussing Chastain joining the project.
Bill Skarsgard is also expected to reprise his role as Pennywise.
The sequel is slated to release on September 6 next year.
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The actor had also shown interest in starring in the sequel last year in November.
"It" is based on Stephen King's 1986 novel, which focuses on a group of schoolchildren in a fictional Maine community that battles the small town's demon as kids, and then again as adults.
The movie centred on the children, while the sequel will follow them into adulthood.
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