The "X-Men: Apocalypse" star has become the latest big name to be linked to the project, which will be directed by Denis Villeneuve and already boasts Stellan Skarsgard, Charlotte Rampling, Rebecca Ferguson (II), and Dave Bautista among its cast.
If he signs on, Isaac will portray Duke Leto Atreides, alongside Chalamet as main protagonist Paul Atreides, according to The Hollywood Reporter.
Ferguson has been tapped as Paul's mother, Lady Jessica.
"Dune" will be a remake of David Lynch's 1984 sci-fi classic, which was adapted from Frank Herbert's 1965 book of the same name. It revolves around the battle for a drug called Melange, which offers users heightened consciousness and an extended lifespan, while making interstellar travel possible.
Lynch's movie bombed at the box office upon its release, grossing just $30.9 million (£23.6 million) from a $40 million (£30.6 million) budget. However, it has since become a cult favourite among fans, including Villeneuve, who expressed an interest in revamping the story for a new generation of devotees months before he was approached to take charge of the new movie.