The 35-year-old actor - who is known for playing the scientific genius Q in the 'James Bond' franchise - is reportedly set to play the role of Michael Banks in the upcoming reboot of the 1964 hit movie based on the books by PL Travers, which will be directed by Rob Marshall, according to The Hollywood Reporter.
Whishaw could join the cast, which currently includes 'Devil Wears Prada' actress Emily Blunt, who has been cast as the lead role of the lovable nanny Mary Poppins, which was made famous by Julie Andrews and Lin Manuel Miranda as the lamplighter Jack.
And it is believed Meryl Streep is also in talks to join the new Disney film, although the 'Mama Mia!' star has yet to confirm the role.
The forthcoming release will feature new songs to compete with the 'A Spoonful of Sugar' classic jingle, which Marshall and producer Marc Platt currently working on the soundtrack.
Disney has confirmed 'Mary Poppins Returns' will be released in December 2018.
The new film is set to hit cinemas on Christmas Day and will focus on some of the material featured in PL Travers' seven additional novels.
An official synopsis for the movie reads: "In Depression-era London, a now-grown Jane and Michael Banks, along with Michael's three children, are visited by the enigmatic Mary Poppins following a personal loss. Through her unique magical skills, and with the aid of her friend Jack, she helps the family rediscover the joy and wonder missing in their lives."
Marshall, who previously worked with Blunt on 'Into the Woods', has admitted he is thrilled to be a part of the project.
Speaking previously, he said: "I am truly humbled and honoured to be asked by Disney to bring PL Travers' further adventures to the screen.
"The iconic original film means so much to me personally, and I look forward to creating an original movie musical that can bring Mary Poppins, and her message that childlike wonder can be found in even the most challenging of times, to a whole new generation."
