12/12/2015 8:46 AM AEDT | Updated 15/07/2016 12:51 PM AEST

Actress Cate Blanchett Close To Taking Lead Role In Thor 3

Mark Metcalfe via Getty Images
SYDNEY, AUSTRALIA - DECEMBER 09: Cate Blanchett arrives ahead of the 5th AACTA Awards Presented by Presto at The Star on December 9, 2015 in Sydney, Australia. (Photo by Mark Metcalfe/Getty Images for AFI)

Australian actress Cate Blanchett is reportedly in talks to play a lead role in Marvel's upcoming movie Thor: Ragnarok.

Variety reports that the Oscar-winner is in discussions to play one of the female leads in the third installment of the Marvel franchise.

It's not known what character Blanchett will play in the superhero sequel, according to Variety.

The Hollywood Reporter says that Marvel has been on the hunt for a “bad-ass female” for the project.

Fellow Aussie Chris Hemsworth will reportedly reprise his role as the hammer-wielding Norse god Thor, with Tom Hiddleston and Mark Ruffalo also set to star.

New Zealander Taika Waititi, who co-wrote and co-directed vampire spoof What We Do in the Shadows, is said to be directing the project.

Blanchett this week was nominated for a Screen Actors Guild Award for her turn in the 1950s lesbian romance, Carol.

She was also awarded the Longford Lyell Award at this week's 5th AACTA Awards in Sydney for her outstanding contribution to the Australian screen.

The third and final Thor film will be shot on the Gold Coast in 2016.