The 25-year-old Magic in the Moonlight star would replace Michelle Williams as Sally Bowles after the actress' final performance November 9.
"I can confirm that Emma Stone is in negotiations to make her Broadway debut as Sally Bowles in Cabaret at the Roundabout Theatre Company," a spokesperson for the theater said in a statement.
Stone was in negotiations to star in the production last year, but was forced to drop out due to a scheduling conflict. Williams was ultimately cast alongside Alan Cummings as the Kit Kat Klub's Emcee, Bill Heck as Cliff Bradshaw, Linda Emond as Fraulein Schneider and Danny Burstein as Herr Schultz.
Cabaret is based on the John Van Druten play I Am a Camera, with music by John Kander and lyrics by Fred Ebb. The musical debuted on Broadway in 1966, and inspired the 1972 film of the same name starring Liza Minnelli. The story follows Cliff Bradshaw, a young American writer, who falls in love with Sally Bowles, a British cabaret singer in a German nightclub during the Nazis' rise to power.
Roundabout Theatre Company's revival of Cabaret comes to a close January 4, 2015. Stone will next appear alongside Michael Keaton in Birdman on October 17.