Bullock, who stars in the upcoming comedy "The Heat," initially turned down the role, but the actress' camp recently resumed negotiations with the studio, the Wrap reports.
Production on the film is slated to start this fall with a release planned for the 2014 holiday season. Will Smith and Jay-Z are among the movie's producers.
Carol Burnett was memorable as Miss Hannigan in the 1982 film adaptation of the comic strip-turned-musical. While Bullock rapped with Betty White in “The Proposal,” it remains to be seen if she can belt out “Little Girls” like Burnett.
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