Taron Egerton and Dylan O'Brien are also being considered to lead Lionsgate's upcoming take on the classic tale, reported Deadline.
"Peaky Blinders" director Otto Hathurst will sit behind the lens and Joby Harold, who wrote Guy Ritchie's "Knights of the Roundtable: King Arthur", is tapped to pen the script.
DiCaprio produces it through his Appian Way banner.
Reynor reportedly had "a successful session" with the director while scheduling conflicts may prevent some other candidates, like Egerton who is expected to return for "Kingsman" sequel, to take the role.