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Lady Gaga, left, and Donatella Versace at the 2014 Vanity Fair Oscar Party.
According to Us Weekly, Gaga will play the striking fashionista on the third season of the hit FX anthology. The season is based on the 1997 murder of designer Gianni Versace, Donatella's brother, by serial killer Andrew Cunanan.
FX hasn't officially announced any casting for the Versace season and a network representative didn't immediately respond to Business Insiders request for confirmation of Gaga's casting.
The casting reunites Lady Gaga with producer Ryan Murphy, who has cast the pop star on the two most recent seasons of "American Horror Story."
Gaga is also a friend of Donatella Versace. She wrote a song about Donatella for her 2013 album "Artpop," and the singer was also featured in a 2014 Versace ad campaign.
The Versace season will follow the acclaimed first season of "American Crime Story" about the O.J. Simpson trial and the upcoming second season based on Hurricane Katrina.