The actress and The Get Down star are currently in early talks to join the film, noted The Hollywood Reporter.
Kidman is being pursued to portray Aquaman's (Jason Momoa) Atlantis-based royal mother Atlanna, who falls for a lighthouse keeper thus making the titular hero half-human and half-Atlantean.
Abdul-Mateen would portray Aquman's signature antagonist Black Manta who uses a high-tech battle suit in order to fight underwater.
The pair would be joining a growing cast that includes Amber Heard as undersea queen Mera, Willem Dafoe as advisor Dr. Vulko and Patrick Wilson as Aquaman's half-brother Orm, also know as the villainous Ocean Master.
Directed by James Wan, Aquaman is set to begin production in April in Australia and is planned to arrive in theaters Oct. 5, 2018.
Aquaman would represent the second time Kidman has starred in a superhero film following 1995's Batman Forever.