The actor could be teaming with Willem Dafoe, Nico Tortorella and Addison Timlin, who are in talks with the producers, Variety reports.
Odd Thomas chronicles the encounter between a psychic short-order cook and a dangerous newcomer to the desert town he lives in.
The novel has been adapted by Stephen Sommers, who penned the Mummy franchise and G.I.Joe: The Rise of the Cobra.
Oswalt, who voiced Remy in Pixar's Ratatouille, can currently be seen in Diablo Cody's series The United States of Tara.
Koontz said last year that he had "fallen over" when reading the Odd Thomas script as it was "so perfect".