According to Entertainment Weekly, the True Blood regular is close to signing on for a supporting role in the project, which follows the life of a young male stripper.
Manganiello said to be in line to portray a character called Big Dick Richie, alongside an ensemble cast including Channing Tatum, Alex Pettyfer, Matthew McConaughey and Matt Bomer.
Tatum will portray the titular character Magic Mike, a veteran stripper who begins mentoring a new young dancer played by Beastly star Pettyfer.
The film's screenplay is based on Tatum's own experiences as an exotic dancer before he began his acting career.
Manganiello is expected to reprise his role as werewolf Alcide Herveaux on True Blood next year following HBO's recent decision to renew the show for a fifth season.
Magic Mike will begin filming next month for an expected release next year.
Watch Manganiello in the trailer for the fourth season of True Blood below: