"She is in negotiations, yes," publicist Lisa Kasteler told The Associated Press. She did not elaborate.
Filming is scheduled to begin later this year, with Steven Spielberg on board to direct. The movie is being produced by "Star Wars" creator George Lucas' Lucasfilm Ltd.
Ford played Indiana Jones in 1981's "Raiders of the Lost Ark," 1984's "Temple of Doom" and 1989's "The Last Crusade."
Blanchett, who won a best supporting actress Oscar in 2004 for "The Aviator," starred in last year's "Notes on a Scandal" and "Babel."