Updated May 20, 2016 at 3:29 p.m. ET: Piggybacking off THR's ealier report, Deadline now identifies Keaton's villain as "apparently" the Vulture, which if accurate would confirm longstanding rumors. The Vulture is one of Spider-Man's oldest foes, having first appeared in 1963's Amazing Spider-Man #2.
Updated May 20, 2016: Michael Keaton is back at the negotiating table with Marvel Studios to play Spider-Man: Homecoming's as-yet-unnamed villain, according to The Hollywood Reporter. First reported on April 13, the Hollywood trade said talks between the actor and the studio initially fizzled at "the offer stage," with other actors being approached for the role before they made a second overture to the Oscar-winning actor.
If cast, Keaton would join titular star Tom Holland, as well as Marisa Tomei (as Aunt May), and Zendaya - whom THR now describes as the film's female lead. Robert Downey Jr. has also confirmed he will have a role in Spider-Man: Homecoming, progressing from his character and Holland's initial meeting in Captain America: Civil War.
Original Story: “Homecoming” indeed...
Variety is reporting Michael Keaton may be returning to the superhero movie fold. The 1990s Batman actor is reportedly in "early" talks to play a villain in Marvel Studios' Spider-Man: Homecoming. The Hollywood trade didn't name the specific villain, but did note that both Marvel and Sony Pictures declined to comment on the report.
Keaton is best known for playing Batman in 1989's Batman and 1992's Batman Returns. The veteran actor has had a career renaissance in recent years with Spotlight and Birdman; the latter of which was inspired by his own time playing Batman. In 2015, Keaton optioned BOOM! Studios' Imagine Agents series, intending to both produce and star in the prospective film.
If Keaton is indeed cast in Spider-Man: Homecoming, he would join Tom Holland (as Spider-Man), Marisa Tomei (as May Parker) and Zendaya (as Michelle). Holland will debut in May's Captain America: Civil War before appearing in the solo Spider-Man film.
Spider-Man: Homecoming is scheduled for release in theaters July 7, 2017.