The film, "Rodham," would focus on her early years as a lawyer, but has yet to acquire a cast or financial backing, The New York Times reported Tuesday.
It would be directed by James Ponsoldt, who helmed "The Spectacular Now" released in September.
Unlike the two documentaries, which would have dealt with the current Hillary Clinton and relied heavily on interviews with friends and associates, the "Rodham" screenplay is based on public information about the 2008 presidential candidate. It will reportedly deal with her romance with future president Bill Clinton.
Clinton and her advisers declined comment on the potential film and its possible political complications should it be released during the 2016 presidential campaign.
One Clinton associate noted that nearly 60 books and a number of movies have already been done about her.
The script was reportedly rewritten after a detailed summary published in The Daily Beast made much of a sex scene and its adult language.