The Hollywood Reporter claims that the actor, 32, will star in a new version of the 1987 hit, which originally starred Tom Selleck, Ted Danson and Steve Guttenberg.
The original told the story of three New York bachelors who have to look after a baby after she is left on their front door by one of their girlfriends.
While at first they struggle to look after the infant, the heart-warming tale sees all three change for the better with the baby in their lives.
Standard Online has contacted a spokesperson for Efron for further comment.
The remake would mark Efron’s return to the House of Mouse for the first time since his breakout role as basketball player Troy Bolton in 2006 children’s film High School Musical. The hugely popular film launched the cast to international fame and spawned a further two sequels.
Having recently reprised the role in quarantine to join the rest of the cast in a virtual performance of 'We're All In This Together’, Efron still talks fondly about the role that made him hot property in Hollywood.
“There will never be another experience like that for me,” he said to BBC Radio 1 last year. “I’m happy I had it so young.
“I’m so blessed and I’m sending everybody from High School Musical and all the fans of High School Musical lots of love because they get it.”
Efron’s career has since swerved away from schmaltz, having starred in 2012 crime drama The Paperboy, 2016’s outrageous comedy Dirty Grandpa, and in 2019’s Extremely Wicked, Shockingly Evil and Vile, appearing as serial killer Ted Bundy.
He also recently presented the Netflix travel series Down To Earth.