Cooper, who will make his directorial debut in the upcoming remake of the 1937 classic A Star Is Born, has been eyeing Lady Gaga for the role of the fledgling starlet, and sources say she is finally on board.
Clint Eastwood was originally in talks to direct, but has since bowed out as well.
A Star Is Born tells the story of a fading actor who lends his expertise to an up-and-coming young actress. If Gaga takes the role, she'll join the ranks of Judy Garland and Barbra Streisand who each took on the role in their respective remakes.
Gaga, widely known for her pop career, won a Golden Globe for her performance in American Horror Story: Hotel.
Sources say production on the film could start as early as February 2017.