Julia Garner Chosen to Play Madonna in Biopic About Singer: Source

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Julia Garner may soon become the "Material Girl."

"The Madonna project is in active development, and Julia Garner is the choice to play Madonna in the biopic," a source close to the project tells PEOPLE.

The Inventing Anna star has been offered the titular role in the upcoming biopic, according to Variety. The publication reports that Garner, 28, was chosen as the favorite to play the music icon from over a dozen other actresses.

The seven-time Grammy-winning singer, 63, is also attached to the Universal Pictures project as co-screenwriter, producer and director.

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Madonna announced in October last year — after the premiere of her Madame X concert documentary on Paramount+ — that she was almost done writing the script.

"Grateful for the success of Madame ❌, that my script is almost finished, and for the support of my beautiful children!" the mother of six captioned a series of selfies on Instagram showing her sitting in front of her typed screenplay.

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Garner would potentially join Uncut Gems actress Julia Fox, who is reportedly in talks to play the "Papa Don't Preach" singer's longtime friend Debi Mazar. Mazar, 57, is an actress known for Empire Records and Goodfellas plus TV's Younger.

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Mazar talked about her relationship with Madonna in May, telling PEOPLE that she's "inspired" by the Queen of Pop.

"It's a very personal relationship," Mazar shared. "People always ask me about Madonna. She's a dear friend. She's a very good mom and a good person."

"I don't have that much energy to do what she does," she added. "She inspires me. She's relentlessly creative and smart. I'm always happy for her."