Willis, if a deal comes together, would play General Joe Colton, the man who in 1980s comic books starts the G.I. Joe strike team, called the ultimate freedom fighting force, and got the handle G.I. Joe.
Jon M. Chu is directing the Lorenzo di Bonaventura-produced action movie, which is bringing a mostly new cast to the franchise. Dwayne Johnson, Adrianne Palicki, Ray Stevenson and RZA are among the recruits for the second film.
The movie begins shooting later this month in New Orleans. Paramount has staked out a June 29, 2012 release date.
Willis, whose last starring gig was the hit Summit action movie Red, most recently shot the thrillers Cold Light of Day, the Henry Cavill-starrer that is in post-production, as well as Looper, directed by Rian Johnson. Willis is repped by CAA.
Paramount to declined to comment.