Christian Bale has already signed up to play Moses in the film.
According to The Hollywood Reporter, Zero Dark Thirty and The Great Gatsby actor Joel could play the Egyptian ruler Ramses in the film.
Exodus will shoot in Spain, Morocco and England, with Ridley also on board as co-producer.
Aussie actor Joel is set to star alongside Natalie Portman and Ewan McGregor in Jane Got A Gun and with Michelle Williams in The Double Hour.
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