Netflix bosses and "War for the Planet of the Apes" director Matt Reeves are in advance talks to develop Matt King's "Idol" script - about a young hopeful who becomes the assistant to a diva, according to Deadline.
Steinfeld is attached to star as the wannabe with dreams of becoming a success.
The "True Grit" star will also feature on the film's soundtrack, which will be released by Federal Films, the motion picture division of Republic Records - Steinfeld's label.
Her mother, Cheri Steinfeld, has also been tapped as one of the producers, according to the movie news outlet.
Hailee, who is a pop star in her own right with hits like "Love Myself" and "Starving", married her love for singing and acting in the last two "Pitch Perfect" movies. She will next be seen in Paramount's Bumble, which is scheduled to hit cinemas on 21 December. The actress will also be behind the voice of Gwen Stacy in Sony's "Spider-Man: Into the Spider-Verse" cartoon, which opens on 14 December, and she'll portray poet Emily Dickinson in the Apple TV series "Dickinson".
Meanwhile, Reeves, who appears to be the front-runner to direct "Idol", also has his hands full - he has taken over the reins of the upcoming "The Batman" movie from Ben Affleck, who was originally slated to direct and star as the Caped Crusader, the comic book superhero he has portrayed in "Justice League" and "Batman v Superman: Dawn of Justice".