The film is based on the iconic DC Entertainment scarlet speedster superhero.
If the deal if signed, it will mark Grahme-Smith's feature directorial debut, said The Hollywood Reporter.
The movie project has a treatment from Phil Lord and Christopher Miller, the "Lego" Movie duo that were also eyeing it as a possible directing vehicle.
"The Flash" already has a release date, March 3, 2018, and an actor, who will portray the classic hero known as "the fastest man alive" - Ezra Miller.
Charles Roven is producing the movie. Deborah and Zack Snyder are executive producing.
Grahame-Smith has directed episodes of "The Hard Times of RJ Berger", an MTV comedy he co-created with his producing partner David Katzenberg.
