Lohan, 26, is also expected to join 'Two and a Half Men' star Charlie Sheen in the upcoming film, reported Showbiz spy.
"As of right this moment she still hasn't sealed her deal," her representative said.
"Scary Movie 5" is scheduled to hit theaters across the US on April 19, 2013. Also lining up in the cast ensemble are Ashley Tisdale, Anthony Anderson, Regina Hall, Craig Bierko and Erica Ash.
The film is planned to kick off the production this September with director duo Malcolm Lee and David Zucker, who also wrote the script for "Scary Movie 3" and "Scary Movie 4".