The Grammy award-winning songstress has already met with the musical's creator Arthur Laurents and lyricist Stephen Sondheim to speak about portraying the pushy stage mum.
Arthur told the New York Times that Barbra had been interested in doing Gypsy for many years, "but now things are serious and a movie is truly in the works - playing Rose is enough to make her happy."
Asked if the 68-year-old star was too old to play Rose, who is a young mother in the first act of the musical, he added: "First of all, they can do magic in Hollywood. Second, does it really matter?"
Dick Guttman, Barbra's spokesperson, confirmed: "There have been conversations."
It would be the first starring role for Barbra - who won an Oscar for best actress in 1968 for the film musical Funny Girl - since 1996's The Mirror Has Two Faces, although she has appeared in the Meet The Parents franchise.
Barbra Streisand Eyes 'Gypsy' Remake
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