The 38-year-old has been put forward to portray Harald Hardrada, the 11th century conqueror hailed by some historians as the last great Viking king, reported Deadline.
Warner Bros has made a pre-emptive acquisition of the project, which would also allow DiCaprio to produce alongside his Appian Way partner Jennifer Davisson Killoran.
The movie, speculatively titled 'King Harald', is being billed as 'Braveheart'-style story.
Harald ruled Norway for 20 years, but his ruthless quest for power led to his exile in Russia before he eventually returned in triumph.
The 2009 film, spearheaded by "The Departed" producer Graham King, was expected to be a violent and awe-inspiring story, but never made it to the big screen.