"Baywatch", to be helmed by Seth Gordon, centers on the leader of an elite group of lifeguards (Johnson) who is forced to team up with a young, former Olympian, played by Efron, to save their beloved bay.
Scheduling conflicts with the film's shoot and Priyanka's ABC show "Quantico" still need to be worked out, but the actress would play the story's villain, reports hollywoodreporter.com.
If the deal is struck, "Baywatch" would be Priyanka's English-language feature debut. She is already creating waves internationally with her maiden American TV series "Quantico" and also won her first international honour People Choice Award for the best actress in a new TV series.
Beau Flynn, Ivan Reitman, Johnson's Seven Bucks Productions, Michael Berk, Douglas Schwartz, Gregory Bonann will be co-producing it.