According to Variety, the young actress is currently in talks to play singer Cheri Currie in the biographical film about the 70s girl group, The Runaways.
At 15-years-old, Fanning is the same age as Currie when she started the group. Currie, who was constantly partying, became addicted to drugs.
Twilight star Kristen Stewart already confirmed her participation in the feature film. She will be playing Joan Jett.
The film will be written and directed by Floria Sigismondi, and production is set to begin at the end of spring.
After providing her voice to the animated film Coraline, Fanning could next be starring in the Twilight sequel, New Moon, opening on November 20. However, nothing has yet been confirmed.