The 'Great Gatsby' actress has emerged as the hot favourite to portray the former United States First Lady and Secretary of State in director James Ponsoldt's biopic 'Rodham', according to The Hollywood Reporter.
Mulligan will meet with the filmmaker in coming weeks to discuss the movie - which will follow Clinton's formative years prior to entering the White House with husband Bill Clinton - but it's said both sides are eager for a deal to be made.
The news comes just a week after it was reported a bevy of top Hollywood actresses were in contention for the role.
A source close to the situation insists that while Mulligan is considered the favourite, other actresses are still being mulled over for the independent drama, which was written by Young Il Kim.
The film will focus on 1974, when the former US First Lady and senator was a Washington lawyer in her mid-twenties. It is being lined up for a 2016 release in order to coincide with the next US presidential election, in which Clinton could be a candidate.
Mulligan is coming off a starring role in Baz Luhrmann's lavish blockbuster adaptation of 'The Great Gatsby', which has been a commercial success around the world despite mixed reviews.