The entertainment industry trade newspaper said there's still a remote possibility another actor could be cast in the role, but right now Gordon-Levitt and Rudd are the front-runners.
The comic-book adaptation is set for theatrical release July 31, 2015.
Wright's previous films include "Shaun of the Dead," "Hot Fuzz" and "The World's End."
Notable deaths of 2014 [PHOTOS]
James Wan tapped to direct 'The Conjuring 2'