Fonda's publicist confirmed to CNN that the actress is in talks to play the wife of the 40th president of the United States in the true-life story of Eugene Allen, an African-American man who worked as a butler in the White House from 1952 to 1986.
Allen served eight presidents, ending his career as a White House Butler during Ronald Reagan's term as president.
If Fonda's deal comes together, the Oscar-winning actress would join a cast that could include Oprah Winfrey, Forest Whitaker and Mila Kunis, Variety reports.
According to the trade publication, Whitaker is at work closing a deal to play Allen, while Winfrey is currently in talks to play his wife. Kunis has been approached about playing Jackie Kennedy.
Other potential cast members reportedly include David Oyelowo, who is in negotiations to play Allen's son, and Liam Neeson and John Cusack, who may snag roles as former presidents Lyndon B. Johnson and Richard Nixon.
The film is set to be directed by Lee Daniels, who was nominated for an Oscar for directing “Precious." Filming is expected to begin this summer.