The Oscar-winning singer is set to star as the late music icon in a film that is tipped to be penned by 'Boardwalk Empire' Screenwriter David Stenn.
The project could begin shooting towards the end of 2014 or early 2015.
A source told Daily Mail newspaper: ''There's a project - and it's true Adele is attached - but it's in an early stage of development.''
Adele has previously cited Dusty's work as among her biggest influences, but she will have to fight off competition from actress Nicole Kidman who is also keen to play the role of the British soul singer.
The 'Skyfall' singer will reportedly have to approve the script and clear her schedule in order to fully commit to the role, however, a spokesman for the star has refused to issue comment on the speculation.
Adele, 25, is tipped to release a new album in 2014 after a two-year hiatus, during which she has given birth to her son, 11-month-old Angelo, her child with partner Simon Konecki.
The film will capture Dusty's period of musical re-invention in 1968 which saw her sign to Atlantic Records and relocate to Memphis, Tennessee, to record her classic LP 'Dusty in Memphis' which spawned her most iconic song 'Son of a Preacher Man'.
If the script is given the green light by a studio, it is believed London-based production company Working Title will be involved in a bidding war for Stenn's script.
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