According to The Hollywood Reporter, the star is currently in talks to star in Main Street.
Andrew McCarthy has already joined the cast, which includes Ellen Burstyn, Patricia Clarkson and Colin Firth.
Main Street is the last script written by Horton Foote, who died on March 4. The story follows how a small town in North Carolina is shaken by the arrival of a stranger. Bloom would play a police offier, while McCarthy will be a business owner.
Filming is set to begin next month in Durham.
Orlando Bloom is currently filming Sympathy For Delicious, the movie that will mark Mark Ruffalo’s directorial debut. He will also star in New York, I Love You, opening in limited theatres in April.