The Los Angeles Times has reported that Bieber and Kutcher are in talks for the lead roles in the movie.
The new flick is about the relationship between a 17-year-old and his thirtysomething self, and Ashton, 33, is reportedly being eyed to play the older version of the U Smile singer.
The script was originally written by Chris Baldi but landed on Hollywood's Black List in 2008.
It was an R-rated comedy about a teenager who meets a hologram claiming to be the adult version of himself.
According to the newspaper, the original draft has been rewritten to be less raunchy and send the thirtysomething self back in time to help the teenager.
The No Strings Attached star has previously said he was interested in Bieber reviving and taking over his MTV Punk'd show.