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Deadline claims that the Clash of the Titans director has effectively been offered the job if he wants it.
The remake of the 1966 science fiction film has been in pre-production since 2007 but was delayed due to the Writers Guild strikes.
The film's script has been written by Shane Salerno, best known for his work on Alien vs. Predator: Requiem and the Shaft remake, and will receive rewrites from Laeta Kalogridis.
Cameron also reportedly considered Paul Greengrass, Timur Bekmambetov, and Darren Aronofsky as potential directors.
The Fantastic Voyage is currently scheduled to start production in early 2011 and will be released in 3D.
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