Ian McKellen, Vanessa Redgrave and Jonathan Pryce are also in talks to join the cast of the film, which has been scripted by Bent and Mrs Henderson Presents writer Martin Sherman, Screen Daily reports.
Renowned for his wit and flamboyance, Noel Coward wrote plays such as Private Lives, The Vortex and Blithe Spirit, which is currently enjoying a West End revival starring Angela Lansbury.
While Coward never acknowledged his sexuality in public, it has been discussed at length since his death in 1973.
Colfer has starred as Kurt Hummel in Glee since the show began in 2009. It was the 23-year-old’s first major acting role.
The fifth season finale of Glee aired earlier this week (May 13), while Noel is set to shoot in the UK later this summer.