Foxx, who won a Best Actor Oscar for his portrayal of Ray Charles in the 2004 film Ray, reportedly considered to be "perfect" for the role. If he is chosen for the part, it will be one of the most prominent examples of "colour-blind" casting in Hollywood history.
Also in the running are George Clooney, Leonardo di Caprio, Harry Connick Jnr and Justin Timberlake.
But an unnamed source told the Daily Express: "Cool is colour-blind.
Jamie would seem to be born to the role."
"Magnificent singing voice, totally convincing acting ability, like Frank himself, born the wrong side of the tracks, rags to riches, makes it big against the odds, has his brushes with authority. The guy's a gift."
Foxx, 41, rose to prominence in 1999 in Oliver Stone's Any Given Sunday.
He also boasts has a string of hit albums.
He was adopted as a baby by his grandparents and raised a strict Baptist in a racially-segregated Texan community.
Sinatra, who was raised in New Jersey by Italian immigrants, also shot to fame despite a hard upbringing during the Great Depression.
Scorcese finally won the rights to make the film of Sinatra's life after years of negotiations with his family.
Sinatra died in 1998 aged 82.
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just put harry connick in it and call it a day.
Also in the running are George Clooney, Leonardo di Caprio, Harry Connick Jnr and Justin Timberlake.
But an unnamed source told the Daily Express: "Cool is colour-blind.
Jamie would seem to be born to the role."
"Magnificent singing voice, totally convincing acting ability, like Frank himself, born the wrong side of the tracks, rags to riches, makes it big against the odds, has his brushes with authority. The guy's a gift."
Foxx, 41, rose to prominence in 1999 in Oliver Stone's Any Given Sunday.
He also boasts has a string of hit albums.
He was adopted as a baby by his grandparents and raised a strict Baptist in a racially-segregated Texan community.
Sinatra, who was raised in New Jersey by Italian immigrants, also shot to fame despite a hard upbringing during the Great Depression.
Scorcese finally won the rights to make the film of Sinatra's life after years of negotiations with his family.
Sinatra died in 1998 aged 82.
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just put harry connick in it and call it a day.