If the deal is sealed, the 59-year-old Australian-German actor will portray Dr Dyson Ido, a cybersurgeon who finds the titular female cyborg and becomes her mentor in the action-adventure film, according to The Hollywood Reporter.
"Maze Runner: The Scorch Trials" actress Rosa Salazar is tapped to play the titular role in the 20th Century Fox adaptation of the popular manga series by Yukito Kishiro.
Robert Rodriguez will direct the adaptation. Cameron will produce the film with his Lightstorm Entertainment partner Jon Landau and co-write the script with Laeta Kalogridis.
Set in the 26th century, "Alita: Battle Angel" follows the titular female cyborg who is rescued from a scrapyard by a doctor.
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With no memory of her previous life except her deadly martial-arts training, the rebuilt Alita becomes a hunter-warrior, tracking down and eliminating vicious criminals. The action-adventure story is meant to serve as a backdrop to themes of self-discovery and the search for love.
Waltz's part in the upcoming film will be a change of pace for him as he is best known for playing villains.
The "Spectre" actor recently wrapped the filming on comedy film "Downsizing", co-starring Matt Damon. He will also appear alongside Alicia Vikander in period drama "Tulip Fever".