The Golden Globe Award-winning Pitt and Academy Award-winning Washington would work on "Candy Store" with writer-director Stephen Gaghan, who wrote 2000's "Traffic," directed by Steven Soderbergh and based on a 1989 British TV series about the illegal drug trade, The Hollywood reporter said.
Gaghan would also direct the upcoming Lions Gate Entertainment Corp. independent film, the newspaper said.
Nothing is final, the newspaper said. Its sources described the talks as being in the early stage.
Jamie Foxx is also said to be interested in a role as well, the Reporter said.
But if everything works out, the film would be Gaghan's highest-profile directing project since 2005's geopolitical thriller "Syriana," the newspaper said.
"Candy Store" involves a highly trained, deep-cover operative who starts his life over in Brooklyn as a police officer walking a beat, the Reporter said. The beat cop discovers in his patrol work that the global organization he had been dedicated to fighting is operating in his new back yard.