While studio negotiations are not yet underway, Phillips has made it clear that Phoenix is the top choice to star in the film.
Joaquin Phoenix is reportedly in talks to assume the villainous role of The Joker in an upcoming Batman prequel.
This will be the first film under a new banner that has yet to be named in which WB can expand the canon of DC properties and create unique storylines with different actors playing the iconic characters.
Jared Leto, who starred in Suicide Squad as the Joker is still on board as the character in the DC universe, and Phoenix's character has no effect on what happens with Leto's character in future DC films.
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Legendary filmmaker Martin Scorsese is said to be attached as producer to the movie, which will lend inspiration from his films "Taxi Driver" and "Raging Bull", both of which are dark masterpieces, Comicbook.com reported.
Phoenix has been the top choice to take on other superhero roles before, but has been resistant to joining any major studio blockbuster.
The studio had tapped The Hangover director Todd Phillips past year to co-write a script with scribe Scott Silver.
Leto is likely to reprise his role in Suicide Squad 2, but will not be featured in this film. Sources are saying that Phillips" story will take place in the "80s and will take the form of a gritty crime drama, rather than your typical comic-book movie. According to Variety, in the past, the actor was considered for the role of Lex Luthor in "Batman v Superman: Dawn of Justice", as well as another role in Disney-Marvel's "Doctor Strange".
Phoenix now stars in the 2018 flick "Don't Worry, He Won't Get Far on Foot".