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While it's unclear who she would play, it's been confirmed that Chris Hemsworth will be back as the long-haired superhero. Tom Hiddleston and Mark Ruffalo are also expected to star, and Taika Waititi has signed on to direct.
Blanchett, who just nabbed a Golden Globe nomination for Best Actress her role in the drama Carol, is no stranger to major franchises. She recently reprised her role as Galadriel in the Hobbit trilogy and is currently filming The Jungle Book: Origins with co-stars Benedict Cumberbatch and Andy Serkis.
Thor: Ragnarok is scheduled for release on July 28, 2017.