The Jane Eyre star is being eyed for Darren Aronofsky's biblical epic, reports Variety.
Christian Bale was formerly attached to star as the unwilling prophet in the Black Swan director's next project.
Aronofsky has had a long fascination with the figure, describing him as a "dark, complicated character".
Fassbender is also starring in Ridley Scott's Prometheus, which he recently revealed is directly linked to the original Alien film.
The actor's next film to debut is Steve McQueen's Shame, which opens in the US on December 2 and the UK on January 13.
Fassbender also plays Carl Jung opposite Viggo Mortensen's Sigmund Freud in A Dangerous Method. The film, which has just been released in the US, is out in the UK on February 10, 2012.
He recently said that he found Mortensen to be "very supportive and generous" and a "very interesting guy".
Watch the trailer for Shame below: