Trained actress Lourdes, 25, is in the running to play the part along with the likes of Florence Pugh and Julie Fox.
And others said to be in the running to play the pop icon are Florence Pugh, 26, and Kanye West’s girlfriend Julia Fox, 31, who was seen out with Madonna.
The star has finalised the script with help from Girl On The Train writer Erin Cressida Wilson and filming will start soon – 40 years after her debut single Everybody came out, in October 1982.
A source said the biopic will open about her struggles to make it in the 70s, adding: “It’s going to be a powerful and true depiction of Madonna’s life – think Bohemian Rhapsody, not Mamma Mia!”
Meanwhile, Madonna, 63, has signed a deal with Warner Music Group for her back catalogue to be reissued in coming years.
There will also be new songs before October to celebrate her career milestone.