Jackman would likely play Jean Valjean, the role created on both sides of the Atlantic by Colm Wilkinson.
The movie musical, which will be produced by Cameron Mackintosh along with Tim Bevan and Eric Fellner through Working Title Films, will feature direction by Tom Hooper. The film will utilize the score by Claude-Michel Schönberg with a script by William Nicholson based on the Mackintosh-produced stage production.
Deadline.com reports that Paul Bettany ("Master and Commander: The Far Side of the World," "Black Reel," "Gangster No. 1") is also in the running to portray Valjean's nemesis, police inspector Javert.
Currently, filming is expected to begin in Europe before the end of the year.
No official casting has been announced.
Jackman, who was seen on screen in "X-Men Origins: Wolverine," earned a Tony Award for his work in the Broadway musical The Boy From Oz. He is also known for his film roles in the "X-Men" trilogy, "Someone Like You," "Swordfish," "Kate and Leopold," "Van Helsing" and the recent "The Fountain" and "Happy Feet" (in voice). His stage credits also include Trevor Nunn's staging of Oklahoma! at Britian's National Theatre and award-winning work in productions of Sunset Boulevard and Beauty and the Beast in his homeland.