Hugh Jackman will lead the cast in the film based on the mutant martial arts expert created by Marvel Comics.
Fellow Australian star Imbruglia has screen-tested for a part in the picture but it has not been confirmed whether she will be taken on board.
The producers of X-Men Origins: Wolverine announced a casting shake-up earlier this month after Karl Urban dropped out.
They have reportedly asked Natalie Portman and Gerard Butler to consider parts in the film, while Liev Schreiber and Kodi Smit-McPhee are rumoured to be on board the project.
Former Neighbours actress Imbruglia also recently auditioned to be host of Australia's So You Think You Can Dance, according to Sydney's Daily Telegraph. But the role was instead given to actress Natalie Bassingthwaighte, who played Izzy in the soap.