No official offer has been made, TheWrap has has been told.
On March 26, Shankman held an open casting for the role of Drew Boley, a singer-guitarist described as "the nicest aspiring rocker you'll find in the Bourbon Room."
The 20-year-old Boneta became a heartthrob playing Alex Santiago in ABC Family's "Pretty Little Liars" and Tyler Adams in 2011's television movie "Mean Girls 2."
He got his show-business start participating in a children's reality singing show when he was 12. In 2005, he joined the popular Mexican teen series "Rebelde."
"The movie is a love story told through the music of Pat Benetar, Bon Jovi, Journey, Poison, Twisted Singer and other '80s artists. Cruise, who plays the rocker Stacee Jaxx, will sing the Bon Jovi anthem "Dead or Alive."
Singing won't be a problem for Boneta, who sold more than 100,000 albums in Brazil alone.
The movie has a release date of June 1, 2012.
Vulture originally reported the story.