Ann Dowd and Michaela Watkins are also in talks to come on board the film to be directed by Silas Howard, reported Deadline.
Project is based on Daniel Pearle's celebrated Lincoln Center play of the same name.
The story follows Alex (Danes) and Greg Wheeler (Parsons) who have high hopes for their son Jake, a bright and precocious four-year-old who happens to prefer Cinderella to GI Joe.
If the deal gets finalised, Priyanka, 34, will play Amal, the couple's friend and a newly single mom who is also trying to navigate the school system, as well as her own dating world.
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