It has recently been suggested that Oscar winner, Eddie Redmayne is a top contender for a lead role in the Harry Potter spin-off 'Fantastic Beasts.'

Redmayne has recently gained a fair amount of recognition for his powerful portrayal as Stephen Hawking in 'The Theory of Everything.'

"Now that author J.K. Rowling has progressed through her first screenplay, I'm hearing that a formal offer has come from Warner Bros and negotiations have begun for Redmayne. The movie's title refers to a book written by Scamander, a textbook used by Harry Potter and his pals when they attended Hogwarts School of Witchcraft and Wizardry," writes Deadline.

This spin-off will reportedly take place 70 years before the events of the 'Harry Potter' films. It will be set in New York City and focus on the character Newt Scamander, a "magizoologist."

David Yates, the director that worked the last four 'Harry Potter' movies, will be the one to helm this spin-off.

This film will also be a first as Rowling screenwriting the project herself. Her first draft was boasted by producer David Heyman as "wonderful."

"Yates and Warner Bros. begin meeting next week for the female lead, but wanted to lock Redmayne into the Scamander role before those tests begin. The actor most recently completed shooting The King's Speech director Tom Hooper's drama The Danish Girl, in which Redmayne plays a pioneer of the transgender community. He'll no doubt be back in the awards race later this year when that film hits theaters," writes Collider.

While production is expected to take place this summer, the film is slated for release on November 18^th, 2016.