Working Title also recently picked up Marchetto's feature rights, The Hollywood Reporter said Monday.
Blanchett may also produce the film with her husband, Andrew Upton, through their company Dirty Films, The Reporter said.
Marchetto, a cartoonist for Glamour and the New Yorker, has an autobiography, "Vixen," hitting stores on Tuesday.
The book describes how she fell in love with a celebrity restaurateur and was planning their wedding when she was diagnosed with breast cancer.
Notable deaths of 2014 [PHOTOS]
Polly Bergen, Emmy Award-winning actress, dies