The film will reportedly go into production in London and Norfolk, England over the summer, and star Cinderella actress Lily James and actor Himesh Patel, who is best known for playing Tamwar Masood in British soap EastEnders. Kate McKinnon (Ghostbusters, Saturday Night Live) is also in talks to join the cast.
Sheeran is also friends with director Curtis, whose previous films include Love Actually and Four Weddings and a Funeral, and his partner Emma Freud.
In addition to an on-screen appearance, Sheeran has also possibly been asked to write new music for the film, which tells the story of a busker who wakes up one day as the only person on the planet who remembers The Beatles. Plot details are being kept under wraps.
Having already made cameos in Game Of Thrones and Bridget Jone's Baby, Ed is said to have the "Midas touch" and could finally lay his hands on a leading role in Boyle's musical comedy.
Tim Bevan and Eric Fellner will produce for Working Title along with Matt Wilkinson and Bernie Bellew. Erik Baiers will oversee the film for Universal.
Boyle is now balancing this project with the James Bond script he is working on with John Hodge but this one is due to be Boyle's next movie to go into production. The film is understood to have the working title All You Need is Love. Although the as-yet-untitled movie is a musical comedy, it's unclear whether Sheeran will be contributing one of his Caribbean-inflected songs to the soundtrack, or whether he'll be exclusively in an on-camera role.