The A Little Bit of Heaven actor will play the swashbuckling hero in 20th Century Fox's reboot, reports Variety.
The studio has declined to comment on Garcia Bernal's rumoured casting.
The Zorro story will be shifted from its traditional Colonial-era California to a futuristic setting.
It was first revealed that Fox was working on Zorro Reborn last year.
The script has been written by Glenn Gers (Mad Money) alongside Lee Shipman and Brian McGreevy (Harker). A director is yet to be confirmed.
The role of Zorro was most recently tackled by Antonio Banderas in Mask of Zorro and Legend of Zorro.
The character was first created by pulp writer Johnston McCulley in 1919.
Garcia Bernal will next appear alongside Will Ferrell in the comedy Casa De Mi Padre, which has a US release date of March 16.
Watch a teaser trailer for Casa De Mi Padre below: