The Oscar-winning filmmaker is reportedly being eyed by Sony Pictures and GK Films to oversee the long-planned film about the iconic Queen singer and could reunite with 'Les Miserables' actor Sacha Baron Cohen, who is set to play the late star.
No formal offer has been made to the director yet, but Hooper is considered to be the studios' first choice for the role, according to Deadline.
Comedian Baron Cohen has been linked to play the flamboyant rock star - who died aged 45 in 1991 following a long battle with AIDS - since 2010 when he was confirmed for the role by Queen guitarist Brian May.
The biographical drama will be produced by Robert De Niro along with Graham King, Tim Headington and Jane Rosenthal.
The film's script was written by Oscar-nominated 'Frost/Nixon' scribe Peter Morgan and the story is expected to focus on Queen's career up until their infamous 1985 Live Aid concert.
Last year, Brian May revealed that production had been delayed due to ''complex'' contracts being ironed out, but filming is expected to begin later this year for a 2014 release.
He said: ''I promised news of yesterday's Queen band meeting. Our main agenda was the Freddie film, which I'm happy to tell you is on course. Much of our discussion was about contractual things, it's pretty complex, and determining who is responsible for what.
''The pieces are all falling into place, though we are now on a slightly later schedule - filming is now scheduled to start in the spring, with Sacha Baron Cohen playing Freddie.
''The film should be ready for release early in 2014. We did make some other plans, but they will have to stay under wraps for now. [Mercury] must be wryly smiling somewhere!''