The comedian is in talks to join an all-star cast in Disney's adaptation of the Broadway musical, according to The Hollywood Reporter.
Ullman is eyeing the role of Jack the Giant Killer's mother in the film, which will be directed by Chicago's Rob Marshall.
Johnny Depp, Meryl Streep, Emily Blunt, Christine Baranski, Jake Gyllenhaal and Chris Pine are already attached to the movie.
The tale centres around a couple who venture into the dark woods to confront a witch (Streep) who has cursed their family.
On the way they meet various fairytale characters including Rapunzel, Cinderella, Little Red Riding Hood and the Big Bad Wolf (Depp).
Into the Woods is due to start filming in the autumn.