Entertainment Weekly reports that Beasts of the Southern Wild star Wallis is in line for the lead role of orphan Annie, although no casting decisions have yet been made.
Helmed by Will Gluck (Easy A), the remake will follow the story of the beloved Broadway musical, which centres on a young orphaned girl's adventures as she searches for a family who will take her in.
Willow Smith was originally attached to star, but dropped out last month reportedly in order to "be a normal 12-year-old".
Wallis recently became the youngest ever actress to receive an Oscar nomination, following her role in the widely acclaimed Sundance hit Beasts of the Southern Wild.
Watch Quvenzhané Wallis speaking to Digital Spy about Beasts of the Southern Wild below: