Star John Hurt revealed that the 'Starred Up' actor may join the famously troubled production, reported Digital Spy.
Hurt said that he hopes to team up with the fellow Derbyshire actor at the BFI London Film Festival Awards.
The veteran actor will play the title role in the adaptation of Cervantes's seminal novel.
It tells the tale of a minor nobleman whose obsession with tales of chivalry spills over into his waking life. Convinced he is a knight of old, he sets off on a series of quests both humorous and tragic.
O'Connell will next star in the Angelina Jolie-directed World War II movie 'Unbroken'.