For Spielberg, Grant could offer the opportunity to reframe the U.S. Civil War.
Appian Way and Lionsgate acquired the rights to the picture late a year ago, and Spielberg is said to be keen to direct DiCaprio again, after their last picture together: 2002's "Catch Me If You Can".
It appears winning awards has only fuelled the actors appetite for wanting to focus on taking tough acting roles rather than pursuing more light-hearted or fun box office films and this time he could be teaming up with an even bigger legend Steven Spielberg to take on the role of Ulysses S. Grant.
Grant has been widely recognised as a superior military tactician for leading the Union Army to victory over the Confederacy during the Civil War under the supervision of President Abraham Lincoln, winning key battles at Shiloh and Vicksburg.More news: Ocala teacher accused of drowning raccoons during class
Spielberg is understood to be in talks with DiCaprio so that they can work together for the first time since 2002's Catch Me If You Can, according to The Hollywood Reporter.
He also served two terms as U.S. President, from 1869 to 1877, spearheading the Republicans in their efforts to remove the vestiges of Confederate nationalism and slavery during Reconstruction. As for DiCaprio, he hasn't been in a movie since 2015's The Revenant, for which he won his first Oscar.
The Oscar-winning star is now shooting Quentin Tarantino's Once Upon a Time in Hollywood, about the Charles Manson murders in 1969 Los Angeles, and is in pre-production on The Black Hand. The Grant biopic is being adapted by David James Kelly. His latest movie was the futuristic blockbuster Ready Player One.