Blake Lively is the top candidate for the female lead in Oliver Stone's adaptation of Don Winslow's novel "Savages."
According to Variety, Universal will distribute the film.
Stone wrote the screenplay with Shane Salerno, who will executive produce.
The film follows two marijuana growers and dealers from Laguna Beach who share a girlfriend named Ophelia. The girlfriend is kidnapped and held for ransom when the two friends resist being pushed out of the business by a Mexican drug cartel.
Stone is producing with Moritz Borman.
Shooting is set for June.
Jennifer Lawrence had been in the running for Ophelia, but had to pass due to her recent commitment to Lionsgate's "Hunger Games."
Aaron Johnson and Taylor Kitsch are the two actors mentioned for the male leads while Benicio Del Toro's name has been mentioned for the cartel leader.
Salma Hayek and Uma Thurman are also being considered for roles.
If Lively does accept the part of Ophelia, it will likely be at the expense of accepting the role of Glinda the Good Witch of the East in Sam Raimi's "Oz: The Great and Powerful" for Disney.
Lively who stars on CW's "Gossip Girl" will be seen in Warner's upcoming "Green Lantern" this summer.