The Thor actor is in line to take on the fairy-tale character - who has featured in countless stories from Snow White and Sleeping Beauty to Rapunzel and Shrek - in Disney's upcoming movie.
According to Variety, Hemsworth has held discussions about the project, which will be helmed by Wonka director Paul King.
King is also co-writing the screenplay with Simon Farnaby and Jon Croker.
Plot details for the movie are being kept under wraps, and it's yet to be revealed if the project will be animated or live-action.
Although Prince Charming features in plenty of folk stories, Disney has usually included the character as a love interest for its Disney princesses.
He first appeared for the studio in 1950's Cinderella as her prince, but Deadline has reported that the new film won't be specifically "linked" to the animated classic.
Hemsworth is also set to star alongside Halle Berry, Mark Ruffalo and Barry Keoghan in the Amazon MGM Studios movie, which will adapt Don Winslow's 2021 short story of the same name.
The book follows a series of high-level jewellery robberies on the Pacific Coast Highway that remain unsolved after years of investigations, mostly because the criminal behind the jobs has lived by a strict code they call "Crime 101".
While local police believe the raids are linked to the Colombian cartels, Detective Lou Lubesnick thinks it is all the work of one person, and attempts to track the criminal down himself before the perpetrator can complete one final score.
The picture is due to begin shooting in two weeks, with American Animals filmmaker Bart Layton directing, while Hemsworth produces alongside Working Title's Tim Bevan and Eric Fellner.
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