The Dark Knight Rises actor is being sought for the role of Nikola Tesla, while Cage is in negotiations to play Thomas Edison.
Bleeding Cool understands that Prince of Persia: The Sands of Time helmer Mike Newell has been linked with the director's chair.
Tesla, Ruler of the World tells the story of the rivalry between the famed inventors Edison and Tesla that raged during the 19th century. The former championed direct current, while the latter favoured alternating current.
David Bowie starred as Tesla in Christopher Nolan's The Prestige, which featured Bale in the lead role.
Tesla, Ruler of the World is yet to be assigned a release date.