The 54-year-old Oscar-winning actress is up for the character of the Ancient One, the Tibetan mystic who is a mentor to the superhero Dr Strange, said The Hollywood Reporter.
The character has been a male in the comics and it is said Marvel Studios initially was searching for a male actor but rethought its decision.
The film, directed by Scott Derrickson, is set to commence in the United Kingdom in November this year. It is slated to hit theatres on November 2016.