The 39-year-old actor would portray the title character, and Sinister director Scott Derrickson will helm the project. Benedict Cumberbatch and Tom Hardy are among the other actors who were considered for the role.
Dr. Stephen Strange is a neurosurgeon-turned-superhero in the original comics. He serves as the Sorcerer Supreme, and is charged to defend Earth from magical and mystical threats. Strange possesses several magical items, and also draws power from mystical beings to enhance his abilities as a sorcerer.
"[Strange] is a great standalone character," producer Kevin Feige told Entertainment Weekly before the project took off. "He's got a great origin story, for the most part. And that world of pure magic, we haven't done yet. There's a whole supernatural/magic alternate dimension going on."
Phoenix will next appear in Inherent Vice in 2015.