According to Hollywood industry website Deadline, Warner Brothers has signed a "blind script deal" with screenwriter Mark L Smith, who is developing the script as a vehicle for DiCaprio.
DiCaprio, a history buff, has long been interested in headlining a Viking movie, and was once slated to star in a Mel Gibson Viking epic that was eventually never made.
The Great Gatsby star will co-produce the film alongside Jennifer Davisson Killoran, his partner in production company Appian Way.
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Harald Hardrada ruled Norway from 1046 until 1066, when he was killed at the Battle of Stamford Bridge, bringing the last Viking invasion of Great Britain to an end.