The Journal reports that Nintendo and Illumination, which is owned by Universal Pictures, have been in talks for more than a year.
Nintendo is reportedly in the late stages of talks with Minions animation studio Illumination to secure the license to create an animated Super Mario Bros. movie. Representatives of both companies refused to comment on the story.
The animated Super Mario Bros. film is now in "early development", which doesn't mean much.
The outlet also reveals that this potential deal would allow the studio to make multiple films in the franchise, however, only one is now planned.
Shigeru Miyamoto, creator of the iconic game series is involved in the development of the film.
Super Mario Bros. has previously been adapted as an anime movie, an anime miniseries, several American cartoons, and a live-action movie.
If the agreement goes through, Illumination may acquire the right to make more than one Super Mario film (though only one is planned for now).
The film was a disaster both critically and commercially, and is often cited in discussions about the sad history of Hollywood's various video game adaptations.