Actress Noomi Rapace is also in early negotiations to star in the Michael Mann-directed movie, reported Entertainment Weekly.
If Jackman boards the film, he will play the titular role of Ferrari while Rapace will star as his estranged wife, Linda, respectively.
Bale left the project over health concerns as he was required to gain weight to play the motor racer and the founder of Ferrari.
Jackman's final "X-Men" spinoff "Logan" is currently in theatres.
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