While Lupita, 31, who scored an Oscar for her debut film '12 Years a Slave', is in final talks to voice Rakcha, a mother wolf who adopts Mowgli, Johansson, 29, is in negotiations to lend her voice to the character of Kaa, the python who preys other animals, said The Hollywood Reporter.
In Rudyard Kipling's India-set story, the plot follows the adventures of Mowgli, a young boy raised by wolves whose friends include a bear and a panther in the jungles of India.
No actor has been announced for the main character and his trusty friends, Baloo the bear and Bagheera the panther.
Jon Favreau would be directing the upcoming adaptation, while the visual effects will be overseen by Oscar-winning Rob Legato and Justin Marks will write the script.
Disney plans to release the movie across the country on October 9, 2015.