The 37-year-old Oscar-nominated actor is now in early talks for a mystery role. Marvel had no comment on the report.
If the deal is sealed, he will reunite with '12 Years a Slave' co-star Benedict Cumberbatch who is tapped to play the Sorcerer Supreme, according to The Hollywood Reporter.
'Doctor Strange' is directed by Scott Derrickson with the screenplay from Jon Spaiht. It tells the story of a neurosurgeon named Stephen Strange who discovers the hidden world of magic and alternate dimensions following a horrific car accident.
Earlier this week, Derrickson teased the movie by sharing an excerpt from the comic. He then retweeted a photo shared by Spaiht which features "Azathoth" by HP Lovecraft.
'Doctor Strange' is targeting a November 4, 2016 release date.