The news comes after movie theater company AMC shared a since-deleted tweet on Tuesday morning, claiming that Styles had been cast as Prince Eric.
"And we have a prince!" the caption read. "Harry Styles is confirmed to play Prince Eric in @Disney’s live-action remake of #TheLittleMermaid."
The tweet was met with all sorts of clips, videos, GIFs and replies conveying enthusiasm, with one fan writing, "I'm literally screaming. And I'm 57."
"YOURE KIDDING MY FAVORITE DISNEY MOVIE GROWING UP NOW WILL BE STARING MY ALL TIME FAVORITE MUSICIAN THIS IS SO CRAZY," wrote another fan.
Not everyone was thrilled, with one commenter using a #notmyprinceeric hashtag while responding to the post.
ET learned in July that Styles was in early talks to join the film. The 25-year-old musician previously made his acting debut in Dunkirk in 2017.
If Styles is out of the running for the role, another possibility could be teen Shazam! star Asher Angel who recently told ET he had auditioned for the part.
"I've auditioned. I went in for it," he shared, adding that it would "mean so much to me" to win the role, having started his career in musical theater.
"I would love to do the live action, of course," he said. "There's so many amazing people in it that I would love to work with."
Meanwhile, Halle Bailey, who is playing Ariel in the film, told ET earlier this month that the role was "a dream come true."
"Ariel was one of my favorite princesses growing up, so it's a dream come true," she gushed. "I'm very excited and happy."
Others hoping to join the film include Javier Barden, who was reportedly up for the role of King Triton -- a part which Terry Crews previously launched a social media campaign for in the hopes of nabbing the gig.
See more on the film below.