The director, who won the 'Best Original Screenplay' Oscar earlier this year for Midnight in Paris, wants Cate Blanchett to be the female lead in his next project, according to Deadline.
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Additionally, Allen is believed to be courting The Hangover star Bradley Cooper as part of an ensemble cast and hopes to set his new movie in the Danish capital Copenhagen.
Allen is widely known for using all-star ensembles in his work, and his latest movie To Rome With Love stars Alec Baldwin, Penélope Cruz, Jesse Eisenberg, Ellen Page, Greta Gerwig and Roberto Benigni.
Sony Pictures Classics recently confirmed that To Rome With Love will be released on June 22.
A spokesperson for Allen declined to comment on casting rumours for the new project.
Watch the Midnight in Paris trailer below: