Sheeran is said to be "in talks" to join the production, which will be directed by Danny Boyle.
Lily James ("Cinderella", "Baby Driver") is attached to star, alongside Himesh Patel ("Eastenders").
Sheeran has made a handful of forays into acting, perhaps most notably through a cameo appearance on Game of Thrones that ended up being one of the more widely derided moments in a mostly well-regarded season. Sheeran will apparently write new songs, while tracks from the legendary British group will also feature in the film.
The Untitled Danny Boyle/Richard Curtis Comedy will be produced by Working Title's Tim Bevan and Eric Fellner (Les Misérables, Darkest Hour, Bridget Jones's series) alongside Matt Wilkinson (Kaleidoscope) and Bernie Bellew (Steve Jobs).More news: Fake cosmetics bust: LAPD emphasizes dangers of using counterfeit products
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'He is the biggest hit-maker on the planet.
It's not even clear if he would be the character who wakes up remembering Beatles songs, or if he'd just appear in the movie and someone else would have that role.
Sheeran has also impressed Paul McCartney with his music.
Filming for the movie is set to take place later on this summer.