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.
The Joker has memorably been part of two Batman movies in the form of Jack Nicholson and Heath Ledger, and was most recently played by Jared Leto in the first "Suicide Squad" film.
He will reprise in the "Suicide Squad" sequel and the Harley Quinn spinoff.
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