According to TMZ, Lohan's management team has had "multiple conversations" with the studio about starring in director Zack Snyder's comic book movie.
The actress is not in contention for the role of Lois Lane but another "major character" instead. Lohan is allegedly keen to put aside her recent felony charges and "show people again how talented she is".
Rosamund Pike, Alice Eve and Diane Kruger have recently been named as potential female leads in the superhero movie.
Henry Cavill will take on the title role in Superman, which opens in cinemas in 2012.