If things work out this would mark the 30-year-old pop star's biggest acting role, said The Hollywood Reporter.
The news comes about a month and a half after she and Cooper were photographed riding together on his motorcycle en route to a dinner at a restaurant in Los Angeles.
Cooper, 41, is also making his directorial debut with the project.
Beyonce was formerly attached to the "A Star Is Born" remake and Clint Eastwood was previously set to direct it.