According to Deadline, the Victoria's Secret model has been offered the starring part after making the final shortlist with Sarah Wright and Brooklyn Decker.
Huntington-Whiteley, the girlfriend of British actor Jason Statham, will take over from Megan Fox in the blockbuster robot franchise. Fox left the third instalment last week amid rumours of a falling out with director Michael Bay.
Transformers 3, which began production earlier this month in Los Angeles, will be Huntington-Whiteley's big screen acting debut. She has previously worked with Bay on several ad campaigns for Victoria's Secret.