The Oscar-winning filmmaker is reportedly being eyed by Sony Pictures and GK Films to oversee the long-planned film about the iconic singer, played by Cohen.
No formal offer has been made to the director yet, but Hooper is considered to be the studios' first choice for the role, according to Deadline.
Comedian Cohen has been linked to play the flamboyant rock star - who died aged 45 in 1991 following a long battle with AIDS.
The film's script is written by Oscar-nominated 'Frost/Nixon' scribe Peter Morgan and the story is expected to focus on Queen's career up until their infamous 1985 Live Aid concert.