According to the International Business Times the 22-year-old Harry Potter actress is currently 'frontrunner' to take the leading role in the Hollywood adaptation of E.L.James' erotic novel.
And insiders say bosses feel Emma Watson would be perfect for the part of Anastasia Steele, thanks to a combination of her acting skills and believable innocence.
But as yet there's been no word from the actress herself as to whether she would accept the role.
So far Ryan Gosling, Robert Pattinson and Michael Fassbender are all strong contenders for the part, while Vampire Diaries actor Ian Somerhalder, Superman star Henry Cavill and Brit boy Eddie Redmayne are also said to be in the running.
Earlier this month it was announced the Fifty Shades of Grey movie is to be made by the producers of the Oscar-nominated film The Social Network, after rights to the best-selling were acquired by Universal Pictures and Focus Features for $5million in March.
'At its core, Fifty Shades of Grey is a complex love story, requiring a delicate and sophisticated hand to bring it to the big screen,' said Universal co-chairman Donna Langley in a statement.
'Mike and Dana’s credits more than exemplify what we need in creative partners, and we’re glad to have them as part of our team.'
Do you think Emma Watson should play Anastasia Steele in the Fifty Shades of Grey movie? Or do you have someone else in mind for the part? Let us know in the comments box below…