According to Latino Review, the film's star Russell Crowe was impressed with Riley's performance in the Ian Curtis biopic Control and wants to cast him as the infamous outlaw.
Scott's film will rework the Robin Hood legend, portraying Crowe's Sheriff of Nottingham as the hero and Robin Hood as the story's villain.
Actors who have previously played Robin Hood on film include Errol Flynn, Sean Connery and Kevin Costner.
Riley's screen credits include guest spots on police procedural drama Law & Order and the upcoming Franklyn.
Last week Sienna Miller confirmed that she had been cast as Maid Marian.