Bhonsle, who is likely to visit Australia next month, was quoted by "Herald Sun" on Wednesday as saying that a meeting with Lee is on the cards next month when she pays her first visit to Australia in 20 years.
"Why not? The song is going extremely well," the 73-year-old said in an interview.
"He is such a huge cricket star and you know how crazy we all are about cricket... but not only that, he is a pop star here now."
She warned that Lee should expect a phone call from her soon.
"We have his telephone number and he said to give him a shout and he will try and catch up. Brett is a really great guy. I really had fun with him and I look forward to doing that again," Bhonsle said.
But, she may be out of luck, as Lee is soon set to leave for the West Indies for the upcoming World Cup. Australia's first warm-up match is on March 6.
Back in Australia, Bhonsle will play with the Grammy-award winning Kronos Quartet for concerts at the Sydney Opera House on March 9, before playing at the WOMADelaide (World of Music and Dance) festival in Adelaide and wrapping her tour at the Melbourne Arts Centre on March 16.
Bhonsle will showcase some of her classic hits including Take A Toke, You've Stolen My Heart and Lover Come To Me Now.
The singer said, she hoped people would enjoy a more "subdued" tone to her Australian shows, which will be entirely different to her usual glitzy Bollywood extravaganzas.
"It's with the Kronos Quartet and they are classical musicians so the Bollywood show that I usually do with dancers and a big pop show won't happen this time.
"It will be nice to concentrate on the music rather than all the razzamatazz. It will be more refined and subdued" she said.
Lee scored a pop hit on the Indian music charts with his song, You're The One For Me, recorded with Bhonsle during a cricket trip to the sub continent late last year.
In the song and video, Lee plays the part of a blond Westerner trying to win the heart of a Hindi-speaking young woman by singing and playing guitar. Bhosle translates for him and then teaches him to speak and sing Hindi himself.