Although talks are still preliminary, the deal would lead to Murphy starring in the biopic, reportedly titled "Richard Pryor: Is It Something I Said?," about the groundbreaking comedian who died in December 2005 at the age of 65.
If Murphy joins the cast, it would re-team him with his "Dreamgirls" writer/director Bill Condon, who is also the man behind the Pryor film.
Murphy's role in "Dreamgirls" earned him a Best Supporting Actor Oscar nomination. Condon most recently co-directed and produced the 2009 Oscars.
Murphy will next be seen on the big screen in the summer 2009 comedy "Imagine That," alongside Thomas Haden Church.
Other projects coming up for Murphy include "The Nutty Professor III," "Fantasy Island" and "Beverly Hills Cop IV."