The Les Misérables actress is eyeing a role in the romantic drama, reports Variety.
Song One was written by Kate Barker-Froyland, who intends to make it her directorial debut.
The movie tells the story of a woman who returns home to nurse her injured brother.
She enters into a romance with his favourite musician, who finds artistic inspiration in the pair.
Hathaway is already attached to produce the film alongside her fiancé Adam Schulman.
The actress and Barker-Froyland previously worked together on The Devil Wears Prada, in which the latter was director David Frankel's assistant.
Hathaway will next be seen in Les Misérables and Christopher Nolan's new Batman movie The Dark Knight Rises.