According to The Hollywood Reporter, Reeves has begun talks with Warner Brothers about taking on one of the film's lead roles.
If cast, Reeves would star as protagonist Kaneda, a biker gang leader who attempts to stop his best friend Tetsuo from destroying the world.
Previous names linked to the role of Kaneda have ranged from Twilight star Robert Pattinson to 127 Hours actor James Franco. However, talks with Reeves are said to be going well so far.
The likes of Justin Timberlake, Michael Fassbender and Joaquin Phoenix have also all been reported as potential candidates for the role of Tetsuo.
The Book of Eli director Albert Hughes is helming the project from a script by Steve Kloves.