Ruben Fleischer (Zombieland) has been tapped to direct the film, from a script by Scott Rosenberg (Jumanji) and Jeff Pinkner (The Dark Tower).
While details on Ahmed's role have not yet been revealed, sources say that he'll be playing a popular Marvel Comics character.
Sony Pictures had no comment when it came to the casting.
Ahmed's other credits include the Toronto Film Festival movie "The City of Tiny Lights" and a recurring role on Netflix's "The OA", as well as a guest starring role on HBO's final season of "Girls" that earned him rave reviews.
If the talks with Ahmed turn out to be successful, he will join Tom Hardy, who was earlier confirmed to star in the film. Then again, there are still endless other possibilities.
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See Riz Ahmed's latest POWER MOVE. Names like Norman Osbourne and even Kingpin have been tossed around.
Many comic fans have expected Karven to appear in the Marvel Cinematic Universe, but the villain could have been taken into Sony's franchise thanks to its deal with Marvel.
Hardy's Venom is commonly known to be an arch nemesis of Spider-Man.
Of course, there is also a chance Ahmed is being eyed for a heroic role.
The studio is riding high when it comes to Spidey following "Spider-Man: Homecoming" Sony's collaboration with Marvel Studios, which received a strong response and has grossed more than United States dollars 675 million worldwide since opening last month. If Sony is not able to put the web-swinger in Venom, it may go for the next best thing with a clone.
Besides Tom Hardy as Venom, there might be another English actor to join the film soon.