Cruz, who has been nominated for an Oscar in the best actress category for her role in the Spanish movie "Volver", expressed her respect for the Indian megastar's great body of work.
"I am a great fan of Indian cinema and I would love to work with Shah Rukh Khan," she told www.hollywood.tv at the 3rd Annual Global Green pre-Oscar party held at the Avalon in Hollywood, California.
Cruz hosted the party with other Hollywood A-list stars, including Leonardo DiCaprio, Salma Hayek and Edward Norton.
"I love India. I have the rights to a book and we are going to shoot the movie in India," she added.
Cruz will play the lead in the English-language film, which is a screen adaptation of Javier Moro's original novel "Pasion India".
Moro's book was inspired by the true story of 17-year-old Spanish flamenco dancer Anita Delgado who scandalised people in the early 1900s when she agreed to marry an Indian king, Maharaja Jagatjit Singh Bahadur, and settle in his native land.
Cruz has teamed up with some of Hollywood's leading men, including Tom Cruise in "Vanilla Sky" and Nicholas Cage in "Captain Corelli's Mandolin". She was recently seen with Academy Award winning actor Adrien Brody in "Manolete", a film that revolves around the famous bullfighter.