The studio is also targeting Julia Roberts to play Tremblay's mother, according to insiders.
A representative for Tremblay declined to comment when contacted by TheWrap.
Steve Conrad ("The Secret Life of Walter Mitty") has adapted Palacio's coming-of-age novel, which follows Auggie Pullman, a young boy born with a facial deformity who encounters bullies while attending school for the first time.
Tremblay captured America's hearts with his award-winning turn alongside Brie Larson in "Room." He'll soon be seen opposite Naomi Watts in a pair of films -- Colin Trevorrow's "The Book of Henry" and the thriller "Shut In." The young actor recently appeared in an episode of "The Last Man on Earth" and will soon be seen opposite Vera Farmiga in the indie "Burn Your Maps."
Tremblay is represented by UTA, Play Management and Jackoway Tyerman.