Robert Downey Jr is also negotiating for a lead role in the Warner Bros comedy, reports Vulture.
Tom Cruise is still being pursued to co-star in the long-rumoured comedy from Parks and Recreation writer Dan Goor.
The film will centre around an overzealous Secret Service agent (Cruise) who is charged with protecting the life of the most sleazy and incompetent president the United States has ever endured (Downey Jr).
When a threat is made on the leader's life, the pair find themselves on the run.
Previous rumors in 2010 linked Cruise to the movie, albeit starring with Jack Nicholson.
Downey Jr recently starred in The Avengers and will soon reprise his role as Tony Stark in a third Iron Man movie.
Cruise will soon be seen portraying faded rock star Stacee Jaxx in a big-screen adaptation of Rock of Ages.
Watch Robert Downey Jr in a trailer for The Avengers below: