Deadline confirmed the 32-year-old actor is in talks to play the title character in the new Paramount Pictures movie.
The Hollywood Reporter said Paramount is producing the film with Skydance and AllSpark Pictures. Robert Schwentke, who directed two installments of the Divergent franchise, will helm the movie, with Lorenzo di Bonaventura and Brian Goldner as producers.
Evan Spiliotopoulos wrote the script, which reportedly centers on Snake Eyes seeking revenge for his father's death by joining a ninja clan.
G.I. Joe and Snake Eyes are inspired by the Hasbro toys. Snake Eyes is a ninja commando who dresses in all black, never shows his face, doesn't speak and owns a pet wolf, Timber.
Sources told Variety the studio and Hasbro want to put a new spin on the series. G.I. Joe was previously adapted as the films G.I. Joe: The Rise of Cobra (2009) and G.I. Joe: Retaliation (2013).
Golding is known for starring in the big-screen adaptation of Crazy Rich Asians. He will star with Game of Thrones alum Emilia Clarke in the new film Last Christmas, which released a first trailer Wednesday.