The 46-year-old star, who remained absent from film industry after injured in a fatal car crash in June 2014, is eyeing the upcoming school-themed comedy by New Line for a return to the big screen, reported TheWrap.
The story follows two teachers (Cube and Day) who work in a broken-down school system and wind up in an epic fist fight. If Morgan signs the deal, he will play the school's coach.
"Breaking Bad" alum Dean Norris is also in the cast, playing the school's principal, while "22 Jump Street" star Jillian Bell will play a guidance counsellor.
Morgan's last film credit was Chris Rock's "Top Five", which he filmed prior to the accident.
He previously collaborated with Cube in 2008's comedy "First Sunday" and 2005's "Are We There Yet?". Morgan was recently announced as the host of the October 17 episode of "Saturday Night Live".