According to The Sun, the star will play the role of Candy Darling who was the star of an experimental film of Andy Warhol in the 60’s.
A source told the paper: "Madonna has been desperate to make a film where she can earn respect for her acting abilities."
"She is still trying to shake off the bad publicity from the movie Swept Away. She sees this as her big chance.
"She said she would do anything for the part and has agreed to work for free."
The star was in New York last month to meet an agent to discuss her cinema career. She also met with the producers of the film.
The singer’s last film, Swept Away, in 2002, directed by her husband, Guy Ritchie, didn’t earn more than one million dollars, even with a production budget of 10 million.