Cooper has been offered the role, but he has not yet made a decision, PWInsider reported.
The project from from Sony Pictures, will be directed by John Requa and Glenn Ficarra (This is Us) from a script by Craig A. Williams. WWE Studios is also involved. Pandemonium will follow the life and times of McMahon as he builds a professional wrestling empire.
Cooper is currently attached to a number of films including Avengers: Infinity War, where he will once again voice Rocket; A Star is Born with Lady Gaga, which marks his directorial debut and underwater thriller Deeper.
"That would be something I'd love to do, but I feel maybe a different actor should do that movie, just because of how powerful the story is and I would hate for the audience to feel that it is a WWE-produced product. And that's not in a bad way, it's just I want them to feel the emotion that I felt reading the script," Cena said at the time.