The 40-year-old Dubliner is rumoured to be stepping into the shoes of Clint Eastwood, by accepting the lead role of confederate soldier John McBurney, played by Eastwood in the original 1971 drama.
McBurney takes refuge in an all-girls boarding school during the US Civil War, earning the admiration of the women around him.
Eastwood’s portrayal of the character is one of his most accomplished acting performances.
‘Lost in Translation’ director Sophia Coppola is set to direct and write the re-make, and also joins Roman Coppola and Youree Henley as a producer. Elle Fanning, Kirsten Dunst and Nicole Kidman are also associated with the project.
Farrell also stars ‘Fantastic Beasts and Where to Find Them’, scripted by Harry Potter author J.K. Rowling, which released to Irish cinemas in November of this year.