If the talks come through, Stone will play British singer Sally Bowles in the hit musical.
This is not the first time Stone has expressed an interest in appearing on stage. Last year, she was close to finalising a deal for the show but passed the opportunity due to scheduling conflict, reported Broadway.Com.
Stone would replace Michelle Williams, who leaves the show at the beginning of November.
Cabaret tells the story of a 19-year-old English performer (Sally Bowles) and her relationship with a young American writer.