The Glee star is going up against Scarlett Johansson and Taylor Swift for the role of Eponine in the upcoming movie version of the popular stage show.
Michele insists it's an honour to be in the running for the part, but admits it will be "embarrassing" if she fails to land the role.
She tells NYMag.com, "How embarrassing if I don't get it! I was just talking to my publicist yesterday that it didn't used to be like this in the business: I've been up for a lot of movies before that I really wanted to get, but now, people know a lot more than they used to and it's all out there.
"I remember when my (Glee) co-star Dianna (Agron) was up for Spider-Man that the news was online, and I felt really uncomfortable for her. I mean, yeah, it's super cool that you're in consideration, but it's also a really private thing, and then if you don't get it... but I'm happy to be considered, and I'm happy to be in the realm of the other girls who are being considered because that's the coolest thing for me. When I heard the other people they were considering, I was like, wow, this is awesome. I became, like, a fan dork girl."
Moviemaker Tom Hooper's star-studded cast already includes Hugh Jackman, Russell Crowe, Anne Hathaway, Geoffrey Rush and Helena Bonham Carter.