Also on the shortlist is Dreamgirls star Jennifer Hudson, writes the Mail, as well as actress Vivica Fox and American Idol alum Jordin Sparks, who stars alongside Houston in her final silver screen outing, Sparkle.
Willow Smith, daughter of Will and Jada Pinkett Smith, is also supposedly in the frame to play a young Houston.
"Whitney knew about the project and was excited to see where it would lead," a source told People UK. "It's hoped the biopic will be as successful as Tina Turner movie What's Love Got To Do With It, which landed two Oscar nominations for Angela Bassett and Laurence Fishburne who played Tina and Ike Turner."
Californication actress Meagan Good is another name that's been touted as a frontrunner to play Houston.
"We were fairly in the beginning stages," Good told E! Online about a possible biopic at a Vanity Fair party last week. "We were supposed to meet today actually."
She added: "My feeling is because she has the film Sparkle coming out and she's brilliant in it and she looks beautiful and healthy, my feeling was that's how we should end the movie - as a new beginning for her."
But a rep for Davis has since shot down rumours of a planned biopic - or his involvement with such a project at least.
"There is no truth to this," his rep told Gossip Cop. "Clive is not putting together a biopic."
But that doesn't mean that the late singer's life won't get the biopic treatment at some stage.
The Huffington Post's Rob Shutter writes that "at least one major network has already been discussing the production of a biopic" as well as a televised farewell concert.
"Obviously nothing will be done unless the family is supportive, but this would give them a chance to have a say in their daughter's legacy, plus potentially make a lot of money," says an insider.
"It would be a one-off massive concert where fans could buy tickets to hear all the songs Whitney sang and even have a charity component to it. But the bigger idea is organising a film that tells the life of Whitney Houston, including the good and the bad."
Adds the insider: "It doesn't necessarily need to be a great singer to play the role. I'm sure they will use Whitney's voice for the songs. What they are looking for is a great actress, someone that can bring to life both the pain and the joy Whitney experienced. Does she have to be an African-American actress? Not necessarily."
In related Houston news ...
* A new report speculates that Houston's death is likely to be ruled an accident, with toxicology reports expected next week.
* A greeting card that pokes fun at Houston's relationship with Bobby Brown has been yanked from Target store shelves in the US.
Watch Houston's Million Dollar Bill video below:
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