The "Bootlicious" singer is one of the several black female stars being considered to play Dylan's "inner darkness" in a biopic on his life.
Director Todd Haynes had announced he was searching for a woman to do justice to the white Jewish singer, portraying different eras in his 43-year career.
Seven actors will star in the film that begins with the 1960s when his song "The times they are changing" became an anti-war anthem.
Other female stars in line include tennis champion Venus Williams and TV presenter Oprah Winfrey.
Oscar-nominated director Haynes said he wanted to hire various actors to take on the role, as Dylan was "too complex" to be played by a conventional actor.