The 40-year-old actress, who reportedly asked for a cameo on the producer's acclaimed series 'Downton Abbey', is thought to be Julian's top choice to star in his new American-based period drama due to air next year, reported Daily Mirror.
"Gwyneth is seen by Julian and his team as one of the best actresses in the world. They have loved her work in period dramas and know what she could bring to 'The Gilded Age'," a source said.
Paltrow is no stranger to costume dramas, as she earned a Best Actress Academy Award for her role in 1998 film 'Shakespeare in Love'.
The actress has also impressed on the small screen, winning an Emmy Award for a guest role on hit musical TV show, 'Glee'.
'The Gilded Age', which was commissioned by NBC, will depict the rise of the country as a superpower in the 19th century, following the lavish lives of pioneers in the railway, oil, hotel and shipping trades.