Deadline reports that it is unclear whether Jackman will take the part in the fairy tale adaptation after Viggo Mortensen broke off negotiations for the role.
The History of Violence star reportedly dropped out because Universal refused to pay $8 million and also offer gross participation.
Kristen Stewart and Charlize Theron will play Snow White and the Evil Queen respectively.
Evan Daugherty, who is also currently working on the script for the futuristic thriller Shrapnel, will pen the screenplay. The project is being directed by Rupert Sander and is due for release on December 21, 2012.
Jackman is currently working on installing a new director for The Wolverine after director Darren Aronofsky unexpectedly quit the project last month.