The former chat show host is currently considering an offer from Precious director Lee Daniels to co-star in his forthcoming movie The Butler, according to The Hollywood Reporter.
The Butler centers on Eugene Allen, who worked as a butler in the White House under eight presidents between 1952 and 1986. Red Tails actor David Oyelowo has been linked with the role of Allen.
Winfrey previously starred in Jonathan Demme's adaptation of Toni Morrison's Beloved and was nominated for a 'Best Supporting Actress' Oscar for The Color Purple.
She has also lent her voice to a number of animated family films including Charlotte's Web, Bee Movie and Disney's The Princess and the Frog.
It was recently announced that Winfrey will join Lady GaGa at the launch of the singer's Born This Way Foundation later this month.
She was presented with an honorary Academy Award last November in honour of her humanitarian work.