The Oscar winner is in negotiations to star in the picture from A-Team director Joe Carnahan, according to The Hollywood Reporter.
Neeson could end up replacing Bradley Cooper, who was originally attached to play the lead role in the film.
The Grey follows a man and his team of oil drillers who struggle to survive in the wild after a plane crash. They are forced to battle aggressive wolves.
Carnahan and Ian Jeffers wrote the script for the Scott Free production.