The Blood Diamond star has reportedly been offered the lead part in the Western based on Boston Teran's 2009 novel of the same name, according to the Los Angeles Times.
Set in 1910, The Creed of Violence centres on a criminal who is caught smuggling weapons into revolutionary Mexico by a government agent. The two then join forces to infiltrate the Mexican underground, where they discover they share a secret past.
A source said that should DiCaprio choose to accept the role offered, the actor would play either the agent or the criminal.
The 36-year-old recently signed on to play the villain in Quentin Tarantino's forthcoming film Django Unchained.
In June, it was reported that Clint Eastwood was also meeting with DiCaprio to discuss casting him in the director's next film A Star is Born.