Blanchett, 48, is said to be in early discussions about joining the forthcoming horror film, according to Variety.
Eli Roth is set to direct the motion picture, which will be produced by Brad Fischer and James Vanderbilt, alongside Eric Kripke, who is writing the script.
William Sherak, Tracey Nyberg, and Laeta Kalogridis are set to executive produce the project.
Blanchett is due to portray Marvel's first female on screen villain, Hela, in upcoming movie "Thor: Ragnarok".