According to the New York Post, the pair have been approached to play Stanley and Stella Kowalski in the Pulitzer Prize-winning drama, which previously starred a then-unknown Marlon Brando and Jessica Tandy in the late 1940s.
The revival, directed by Emily Mann, is set to open early next year (11).
The couple have been a fixture on the New York City theatre scene since they signed on as co-producers of Tony Award-winning musical Fela! last year (09).
The British actress returned to her theatre roots with a starring role in a recent production of A Streetcar Named Desire, which won her a coveted Laurence Olivier Award for Best Actress on Sunday night (21Mar10).
And Weisz, who kickstarted her career in a student theatre group during her time at England's Cambridge University, is adamant she will now try to leave time between movie roles to indulge her love of the stage.
She says, "I'm greedy - I'd like to do film and theatre. It was eight years since I'd last been on stage and it was just too long a gap. I hope to do a play every couple of years - actually no: maybe every year. It's the greatest feeling in the world being on stage and doing a live performance. It's very wild and risky."
The star was honoured for her performance in A Streetcar Named Desire.
Mark Rylance was awarded Best Actor at the Grosvenor House ceremony in London for his performance in Jerusalem.
Other winners included Rupert Goold, who picked up Best Director for Enron, and Weisz's co-star Ruth Wilson, who was named Best Supporting Actress.
Musical Wicked won the Audience Award, while Spring Awakening claimed four prizes, including Best New Musical and Best Sound Design.
The couple was appointed co-artistic directors in 2008, and after transforming the fortunes of the Australian company, they have been signed to remain in control until 2013.
And Blanchett, who has just finished an acclaimed run in an STC production of A Streetcar Named Desire, insists working with Upton isn't hard - because she gets to share her husband's success
She tells Britain's Style magazine, "It's great - he has the big ideas and I take the credit. A lot of people look at us in horror, but it seems to work. We keep each other honest. And he makes me laugh. At the theatre, with a lot of of plays and educational projects on the go at one, it can get quite hairy, so it's important to laugh."
The pair walked away with trophies from the Critics' Circle Theatre Awards last month (Jan10) with Weisz winning Best Actress for her turn in A Streetcar Named Desire, while Law was honoured with the award for Best Shakespearean Performance for his leading role in Hamlet.
And the two Brits have won the Best Actor and Best Actress prizes from dedicated theatre website Whatsonstage.co.uk, which asks the theatre-going public to vote for their top performers and shows.
Sir Ian McKellen and Sir Patrick Stewart's sold-out run in Waiting for Godot was named Theatre Event Of The Year.
Comic Rowan Atkinson walked away with the Best Actor in a Musical for his role as Fagin in Oliver!, while American Broadway star Patina Miller was voted Best Actress in a Musical for playing Sister Mary Clarence in Sister Act.
The awards, which were announced on Sunday (14Feb10), were voted for by 46,000 people.
Huppert is receiving some of the worst reviews of her career in director Krzysztof Warlikowski's experimental production of the drama, called Un Tramway.
The play, at the Theatre de l'Odeon, includes video projection and techno music - but has been hammered by critics, who have called the production "a vain exercise in style".
A review in Le Monde newspaper reads, "(It's like watching) puppets act out, not human beings live.... One leaves this Streetcar saying: what was the point?"
And the Agence France Presse has dubbed the production "A Streetcar named disappointment."
The AFP critic reports the estate of Tennessee Williams did not authorise the use of the play's full title for this production, because the playwright's family members didn't approve of the liberal nature of the adaptation.
The actress has been hit with a slew of bad reviews for her part in an adaptation of the Moliere classic, which marked her debut on the West End stage and is currently playing at the Comedy Theatre.
But the poor reviews haven't stopped Knightley from being named in the Best Supporting Actress category by jurors of the prestigious Olivier Awards, the highest honours in British theatre.
The Pirates of the Caribbean star will compete against Hayley Atwell (A View From The Bridge), Michelle Dockery (Burnt By The Sun), Alexandra Gilbreath (Twelfth Night), Rachael Stirling (The Priory) and Ruth Wilson (A Streetcar Named Desire).
Meanwhile Hollywood actress Rachel Weisz was shortlisted for a Best Actress prize for her performance as Blanche DuBois in A Streetcar Named Desire, and will go up against Gillian Anderson (A Doll's House), Imelda Staunton (Entertaining Mr Sloane), Lorraine Burroughs (The Mountaintop) and Juliet Stevenson (Duet For One).
Jude Law's turn in Hamlet faces competition from James Earl Jones in Cat On A Hot Tin Roof, James McAvoy for Three Days Of Rain, Mark Rylance (Jerusalem), Ken Stott (A View From The Bridge) and Samuel West (Enron).
In the musical categories, former Spice Girls star Melanie Chisholm is up for a Best Actress statue for her role in Blood Brothers, while Rowan Atkinson's stint as Fagin in Oliver! has scored him a Best Actor nod.
The winners will be named in a ceremony at London's Grosvenor House Hotel on 21 March (10).
Oscar-winner Weisz landed the coveted Best Actress trophy for her portrayal of Blanche Dubois in a production of Tennessee Williams classic A Streetcar Named Desire.
Law was honoured with the award for Best Shakespearean Performance for his leading role in Hamlet, which he later reprised on Broadway.
Mark Shenton, chairman of the Critics' Circle, the body which votes for the awards, insists the pair proves Hollywood stars can flourish in the theatre as well as onscreen.
He says, “Celebrity casting is viewed a little suspiciously, but Jude Law and Rachel Weisz proved they can still cut it.”
The other main prizes went to Mark Rylance, who was named Best Actor for his role in Jerusalem, which also took the award for Best New Play, while Spring Awakening was crowned Best Musical at the ceremony in London on Tuesday (26Jan10).
Blanchett is up for Best Actress in a Leading Role, while the play has also landed nods for Best Mainstage Production, Best Director (Benedict Andrews) and Best Actor in a Leading Role (Ewen Leslie). Pamela Rabe will compete with her co-star Blanchett for Best Actress honours.
Blanchett will also be competing against herself when the awards are handed out on 18 January (10) - she's also nominated for her role in Tennessee Williams' A Streetcar Named Desire, which also lands a Best Mainstage Production nod.
In other leading categories, Avenue Q, Chicago, Jerry Springer The Opera and Wicked will battle it out for Best Production of a Musical, while ‘Tegrity: Britney Spears in Cabaret is among the four choices for Best Cabaret Production.
The Mummy star and her fiance Darren Aronofsky welcomed Henry in 2006, and the filmmaker recently took the three year old to see Weisz on the London stage, where she was starring in A Streetcar Named Desire.
And it seems the experience gave the youngster a taste for acting.
Weisz says, "His dad brought him in after a matinee to watch the curtain call and he figured out bowing and getting claps. So, yesterday, he put on his policeman’s outfit and bowed. That was the show."
But the 39 year old is adamant she doesn't want her son to pick acting as a career: "I hope he’s not an actor - I’d dissuade him as hard as I could."
Ann-Margret and Treat Williams, in the second TV-movie for each, have the roles made famous in the 1951 film of Tennessee Williams' play by Vivien Leigh and Marlon Brando as the sexually repressed Southern belle and her animalistic brother-in-law. While Kazan's film left out some of the more unabashed sexual suggestion of the play, this version is more closely based on the original material as it was performed on Broadway in 1947 with Jessica Tandy and a young Brando in the leads. It received 11 Emmy Award nominations: Outstanding Drama Special, Best Actress, Supporting Actress (D'Angelo), Supporting Actor (Quaid), director, cinematographer, art director/set decorator, costumer, editor, sound editor and sound mixer.