The 50-year-old is in the running with his former "ER" co-star Noah Wyle, 40, for the role, reports thesun.co.uk.
The biopic is expected to start filming next year. It will chart the life of the entrepreneur who died last month from pancreatic cancer at age 56.
Clooney and Noah both played doctors in the long-running hospital series "ER", which picked up 23 Emmy Awards.
Clooney was recently forced to pull out of TV series "The Man From U.N.C.L.E." as the role required physical exertion.
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