The 26-year-old Oscar winner is expected to play the late Jazz Age icon.
According to The Hollywood Reporter, she will also serve as one of the producers for the upcoming true-story film.
Zelda was married to author F Scott Fitzgerald who saw her as his indispensable muse and fiercest competitor. Based on a screenplay by Emma Frost ("The White Queen"), the movie simply titled "Zelda" is going to explore the question: Can love exist between creative equals?
Lawrence was last seen in the superhero flick "X-Men: Apocalypse" earlier this year. She will next share screen with Chris Pratt in the romantic sci-fi thriller "Passengers" and star in an untitled Darren Aronofsky project.