Deadline claims the actor, 64, is in negotiations to play woodcarver Gepetto in their new version of Pinocchio.
The movie will be directed by Robert Zemeckis and according to the industry publication, Hanks has read the script and told the director he wants the role.
Hanks and Zemeckis have a history of working together, after teaming up for the 1994 hit Forrest Gump, which saw them both win Oscars.
Disney is yet to make any Pinocchio cast announcements and Hanks has not commented on the rumours.
Standard Online has contacted his representatives for comment.
Recent months have seen the actor and his wife Rita Wilson hit headlines after they both tested positive for coronavirus.
The couple were in Australia, where Hanks was filming Baz Luhrmann’s Elvis biopic, when he and Wilson fell ill.
They have since donated blood plasma to help develop a Covid-19 vaccine.