Following the departure of the formerly cast Jessica Biel, Twitch Film reports that the studio is looking to cast a replacement, with Russian actress Khodchenkova currently the frontrunner.
Khodchenkova is best known for her role as ill-fated Soviet operative Irina in last year's Tinker Tailor Soldier Spy, in which she shared scenes with Tom Hardy.
Hugh Jackman will reprise his lead role from 2009's X-Men Origins: Wolverine as Logan/Wolverine, while Will Yun Lee and Brian Tee have been cast as villains.
The Wolverine begins shooting next month, with a release set for 2013.
Watch Jackman discussing the film with Digital Spy below: