The 22-year-old Les Misérables actress and singer is said to be in talks to star in the comedy, according to The Wrap.
Kylie Minogue will star in the project, which will be set to the backing of 1980s pop music.
StreetDance 3D's Max Giwa and Dania Pasquini will direct the film, with Moulin Rouge's John O'Connell as musical choreographer.
Walking on Sunshine follows a mother and daughter who fall in love with the same man in Spain.
Barks trained at the Arts Educational school before entering the BBC talent show I'll Do Anything.
She later played the role of Eponine in the West End production of Les Misérables, the part she has reprised for the Tom Hooper film version.
Les Misérables will be released on December 25 in the US and January 11, 2013 in the UK.
Gallery - Les Misérables character posters: