The comedian is the top choice for Alcon Entertainment's long-awaited crime film, with Charles Stone III directing, reports Variety.
The film has yet to be officially greenlit but has been in the works since 2007. Hart has now been in contact with producers about starring in the project.
Con Ed would see Hart reteam with Think Like a Man producer Will Packer, who will produce with Andrew Kosove and Broderick Johnson, as well as Nicole Rocklin and Blye Faust.
The story will follow two criminals who escape from prison during a hurricane, and later hide out at a college fraternity in order to pose as students.
Hart will reportedly play one of the criminals who serves as the brains of the outfit.
The actor will soon appear in Think Like a Man, which opens in the US this weekend, while he will also star in The Five-Year Engagement alongside Emily Blunt and Jason Segel.
Kevin Hart recently signed up for a buddy cop comedy project with Seth Rogen.
He appeared in a guest role on ABC's Modern Family during its current third season.
Watch the trailer for The Five-Year Engagement below: