Nikolaj Coster-Waldau is already on board to play Horus, who sets out for revenge against his uncle for killing his father Osiris.
Gerard Butler is said to be in talks to play Set, Osiris' murderous brother and a god of the desert, storms and foreigners.
Egyptian filmmaker Alex Proyas - who directed The Crow and I, Robot - would take the reins and would also share screenwriting credits with Burk Sharpless and Matt Sazamat on Gods Of Egypt, which is set amidst the mythology of ancient Egypt.
Australian-born Geoffrey, who has played pirate captain Hector Barbossa in the Pirates Of The Caribbean films and was nominated for an Oscar for his performance as speech therapist Lionel Logue in Tom Hooper's The King's Speech, will next star in the big-screen adaptation of Markus Zusak's novel The Book Thief.
The 62-year-old is also expected to reprise his role as Barbossa opposite Johnny Depp in the fifth Pirates Of The Caribbean movie, Dead Men Tell No Tales.