The picture is being made by Rob Marshall and Harvey Weinstein, the power-house team behind the award-winning 2002 film musical, "Chicago."
Marshall is also courting Sophia Loren and his "Chicago" star, Catherine Zeta-Jones, for roles in the movie based on the stage musical and inspired by Federico Fellini’s 1963 film, “8 1/2"
Marshall will produce and choreograph with John DeLuca, his partner in Lucamar Productions.
Cruz is in talks to play Contini's mistress while Cotillard is considering playing his wife.
Although they have not yet committed, Zeta-Jones is being courted to play the director's muse, and Loren his mother, who appears as a ghost, Variety.com said.
Cruz and Bardem are working together now on the film Woody Allen is shooting in Spain.