The 42-year-old is apparently top of the list to play the man released from prison who re-invents himself and becomes a rich factory owner and mayor during the French Revolution, Deadline.com reports.
The film, to be made by Tom Hooper, director of The King's Speech, will start shooting by the end of the year.
British actor Paul Bettany is also being lined up for the role of Javert, a policeman who tries to bring Valjean to justice.
Les Miserables enjoyed its ten-thousandth performance in London's West End in January 2010.