The actor - who is best known for playing Spider-Man - is among the contenders for the coveted role in the upcoming movie.
Timothee Chalamet is also being eyed for the role, according to Britain's The Sun newspaper, which reports that Warner Bros. has been working on the prequel for a number of years.
The studio hopes that the film - which is based around the characters from Roald Dahl's children's novel - will go into production later this year and is planning to release the movie in March 2023.
The first big-screen adaptation was made in 1971. Directed by Mel Stuart, it starred Gene Wilder as Willy Wonka, Peter Ostrum as Charlie, and Jack Albertson as Grandpa Joe. It received an Oscar nomination for Best Original Score and Wilder was nominated for a Golden Globe as Best Actor in a Musical or Comedy.
In a second movie version directed by Tim Burton, Willy Wonka was played by Johnny Depp while Charlie was portrayed by Freddie Highmore. They were joined by the likes of David Kelly, Helena Bonham Carter, and Noah Taylor. The 2005 film grossed $475 million worldwide.
The third adaptation has been in development since 2016 after Warner Bros acquired the rights to the character from the Dahl estate.