In January, it was reported that Eastwood would direct Beyoncé in a remake of the 1976 movie starring Barbra Streisand and Kris Kristofferson.
Now, the Gran Torino star purportedly wants DiCaprio to star opposite the 'Run The World (Girls)' singer in A Star is Born, according to Deadline.
Should DiCaprio agree to join the film, he will portray an ageing movie star who helps a young actress (Beyoncé) to find fame.
The film has been in development for years, with Men in Black III actor Will Smith previously rumoured for the lead male role.
Earlier this year, Eastwood said that he could make a movie in 3D one day, stating that he needs to find the right project to do so.
Eastwood's next film, a biopic titled J. Edgar, also stars DiCaprio. It is scheduled to be released in US cinemas on December 14.