The actor is in talks with Mann about appearing in the untitled film, according to The Hollywood Reporter.
The film is a screen adaptation of the 1991 book "Enzo Ferrari: The Man, The Cars, The Races, The Machine" -- which details the rise of the Italian automaker's founder.
Mann, who worked with Bale in 2009's Public Enemies, is hoping to shop the project to potential investors or buyers at the Toronto International Film Festival early next month.
Exactly what role Bale might play or any other casting ideas were not revealed.
Bale, one of Hollywood's leading actors, was last seen in Ridley Scott's Exodus: Gods and Kings. Mann's last film, Blackhat, was a box office disappointment -- earning less than $20 million on a reported $70 million budget.