A representative for Wilson did not respond to multiple requests for comment.
Warner Bros. is financing and distributing the film, which Anderson has adapted from Thomas Pynchon's soft-boiled crime novel.
Story follows pot-smoking private detective Doc Sportello (Phoenix) as he investigates the case of a kidnapped girl he used to date. The film is set in Los Angeles around 1970.
Wilson's role is being kept secret, but TheWrap has learned he will play one of the leads.
Benicio Del Toro is in talks for a small role as Sportello's lawyer, while Charlize Theron has also been rumored for the female lead.
Anderson is producing "Inherent Vice" through his Ghoulardi Film Co. along with JoAnne Sellar and Daniel Lupi. Production will start later this month.
Wilson will soon be seen opposite Vince Vaughn in Shawn Levy's comedy "The Internship," which Fox opens on June 7. He has also wrapped Wes Anderson's "The Grand Budapest Hotel" and the indie comedy "You Are Here," which is directed by "Mad Men" creator Matthew Weiner.
Wilson is represented by UTA and attorney Robert S. Wallerstein.