Chalamet, whose performance in Little Women has been widely acclaimed, is in negotiations to take part in the movie, which is provisionally titled Going Electric, and dramatises Dylan's controversial switch from folk to rock in the mid-sixties.
The actor will also make his London stage debut opposite Eileen Atkins in 4,000 Miles, an Old Vic production of Amy Herzog's Pulitzer-nominated drama, which opens on April 16. He will then embark on filming Going Electric, according to reports.
Chalamet also stars in the Wes Anderson-directed The French Dispatch, due later this year. In December he will be seen in the film adaptation of Frank Herbert's classic Sci-Fi novel Dune, directed by Denis Villenueve.
With the Bob Dylan biopic, James Mangold (Ford v Ferrari) will be making his second film about a legendary American musician, following the much-praised Johnny Cash-Carter film Walk the Line, released in 2005.
The director has reportedly done a rewrite on a script written by Jay Cocks (Gangs of New York). The much-touted project includes rights to Elijah Wald's book, Dylan Goes Electric.
Dylan himself is to be executive producer of the film, along with Brian Kavanaugh-Jones and Andrew Rona.