The Gladiator star is rumoured to be stepping into the shoes of the News Corporation founder in a new film based on former The Times editor Harold Evans's memoir Good Times, Bad Times, according to the Daily Star.
Meanwhile, Colin Firth is reportedly the lead contender for the role of Evans.
The film will focus on the pair's relationship, specifically Evans's fight with Murdoch over editorial control, Variety reports.
Leon Lecash will pen the script, and he believes that the film will begin shooting by the end of the year.
"Recent stories surrounding Rupert Murdoch's companies both here and in America have brought the events of almost 30 years ago back into sharp focus," Lecash said.
"I have always realised the dramatic potential of Good Times, Bad Times," he continued. "Now, as events unfold daily, I realised the time could never be better to bring this story of ultimate justice and spiritual vindication to the screen."
Crowe is expected to begin shooting Darren Aronofsky's Noah in New York next month.