The 39-year-old actor, who has three Oscar nominations under his belt, is in final negotiations to play the Sorcerer Supreme in the Marvels project, reported Ace Showbiz.
The movie is slated for July 8, 2016 release in the US.
Mavel's head Kevin Feige once said the film would be the "doorway" to enter the supernatural side of the Marvel Cinematic Universe. Scott Derrickson, director of films like 'Sinister' and 'Deliver Us from Evil') will helm the project.
Besides Phoenix, Tom Hardy, Jared Leto, and Jack Huston were also rumoured to be considered to play Stephen Strange at one point or another in the past.
His next movies includes Paul Thomas Anderson's crime drama 'Inherent Vice' and an untitled Woody Allen project.
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