WNBA great Diana Taurasi also will have a role in the film, as will the Ogwumike sisters, Nneka and Chiney, according to the reports. The Ogwumikes play for the Los Angeles Sparks.
The cast was first reported by LakeShowWorld.com.
In September, James announced that "Black Panther" director Ryan Coogler would produce and "Random Acts of Flyness" creator Terence Nance would direct.
James and longtime business partner Maverick Carter had been in talks to make a "Space Jam" flick for more than five years. The original 1996 box-office smash starred Michael Jordan and Bugs Bunny.
Filming was expected to start during the 2019 NBA offseason.
Katie Nolan holds Space Jam 2 auditions
Katie Nolan, Pablo Torre, Bomani Jones, Tony Reali and Keith Olbermann prepare for roles in the upcoming Space Jam 2.