The Britain's Got Talent star's story is already the subject of a stage show titled I Dreamed A Dream and she is currently working on plans for a big screen biopic.
Boyle has now revealed her dream casting for the film, insisting Harry Potter star Walters is the perfect woman for the part.
She tells British newspaper the Sunday Mirror, "My story will make a great film. We are in the middle of negotiations just now for a film about my life.
"There's only one person I'd love to play me - and that's Julie Walters. She would do the job and you just know she would do my story justice."
The Susan Boyle film will follow another biopic of a Britain's Got Talent star - British funnyman James Corden is set to play singer Paul Potts in a new movie called One Chance.
Potts won the first series of the show in 2007, two years before Boyle shot to fame as runner-up on the third season.