"The Handsmaid's Tale" star was in early talks for the Universal-Blumhouse production, Deadline reported.
This would be Moss' second collaboration with Blumhouse after Jordan Peele's recent critically-acclaimed hit, "Us".
The novel has been adapted for both the big screen and television over the years.
Its most notable adaptation is the 1933 black-and-white film, featuring Claude Rains in the title role.
The studio had earlier planned a shared universe based around its classic monster characters and had roped in stars like Johnny Depp, Tom Cruise, Russell Crowe, Javier Bardem and Sofia Boutella for it. The shared universe was dubbed as the Dark Universe.
The plan has been kept on hold after the failure of Cruise's "The Mummy" in 2017.
Depp, who was supposed to take on the title role, will not star in the new project, which is being developed as a separate entry.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)