The actor is hoping to shoot the film in Miami, Florida this summer (12) and admits Lopez is chasing the role of 'Godmother' Griselda Blanco "like crazy".
He tells satellite radio show Sway in the Morning that he's just waiting for a final script before announcing who will join him in the project about the drug trade that swept through southern Florida in the 1970s and 1980s.
And he isn't surprised Lopez is so interested in the role of Blanco - because it could be her ticket to an Oscar nomination.
He says, "It's one of those characters that will go down in history... If I could play Griselda, I would. That's Academy Award (material) right there."
Wahlberg has developed a reputation as a lucky charm for Oscar hopefuls after his The Fighter co-stars Melissa Leo and Christian Bale both won Best Supporting honours at the Academy Awards last year (11).