Rumors claim that the "You Were Never Here" actor will be playing Joker in the DC villain's origin movie.
It was past year when Warner Bros. and DC notified the industry that they were starting a Joker origin film with Phillips as director, Martin Scorsese as the producer and Scott Silver writing the screenplay.
The film is a standalone project which will exist outside of the DC Extended Universe, which includes films such as Wonder Woman and Justice League, and will therefore not affect Jared Leto's incarnation of The Joker in the Suicide Squad movies.
While studio negotiations are not yet underway, Phillips has made it clear that Phoenix is the top choice to star and sources now tell Variety that, after thinking it over, Phoenix has agreed to the role.
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If he gets the part, this will be the first time Phoenix has starred as a comic book character.
Back in September, we reported that Leonardo DiCaprio, a frequent collaborator with Scorsese, was originally rumored to be eyed for the role. He was also in talks for Disney-Marvel's "Doctor Strange", but passed on that as well.
Phoenix has been the top choice to take on other superhero roles before, but has been resistant to joining any major studio blockbuster.
"The movie would fall under a yet-to-be-announced new banner of DC Comics", Says Variety, "which would give the studio the opportunity to expand the canon of the iconic comic-book characters with unique story angles that aren't included in its current cinematic universe".
Phillips' film, which he co-wrote with The Fighter and The Finest Hours scribe Scott Silver, is said to chronicle the Joker's early days as he rises to power as a criminal roaming and ruling the streets in the 1980s.