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The project, which centres on Facebook creator Mark Zuckerberg's creation of the site, was greenlit by Columbia Pictures last week.
David Fincher will direct from a script by Aaron Sorkin based on Ben Mezrich's book The Accidental Billionaire.
It is understood that Zombieland star Eisenberg may portray Zuckerberg, while Andrew Garfield is in talks for the role of Facebook co-founder Eduardo Saverin. Meanwhile, Timberlake is said to be in line to play Napster creator Sean Parker, according to ScriptShadow.
Scott Rudin, Kevin Spacey and Dana Brunetti have signed on as producers of the project, which reportedly has a budget of $47 million.
Fincher is also attached to direct Chef, starring Keanu Reeves.
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