In it he blends contemporary Indian politics with chapters from the Mahabharat in a mix that promises to be the avant-garde director's headiest yet.
And Prakash has accumulated a formidable cast of actors. "There's Ajay Devgan who will play a modern-day Karn. And believe it or not, Nana Patekar who was fantastic as the corrupt politician in Apharan,has been cast as Krishna!"
Also in the cast are Viveik Oberoi and Manoj Bajpai in pivotal roles. "These are actors I've not worked with before. I'm looking forward to directing them. Ajay and Nana are old friends. We share a fantastic comfort level."
In fact recently Marathi Manoos Nana and Bihari Bhai Prakash took part in a passionate debate on the oust-Biharis-from-Maharashtra campaign on NDTV.
After the debate Raj Thackeray apparently rang up Prakash for presenting a balanced view.
Says Prakash, "Raj is a friend and an intelligent educated man. I truly believe artistes need to rise above politics. I make cinema on politics. But I'd never be part of it. Likewise Nana who was so stunning as a wily politician in Apharan will I'm sure be equally adept playing Krishna in my Rajniti"
The crucial question before Prakash now is, whom to cast in the pivotal role of Arjun? The character as conceived by Prakash, modernizes the mythological elements from the Mahabharat to include elements from Rajiv Gandhi's life.
For Arjun, Prakash has already zeroed-on on an upcoming on-the-rise superstar who's currently being toasted as the most exciting actor since Shah Rukh Khan.
"Yes I've an ideal actor in mind for the role of Arjun," says Prakash.
Rajiniti won't be the first contemporary take on the Mahabharat. Three decades ago Shyam Benegal attempted to incorporate elements from the Mahabharat into contemporary entrepreneurship in the film Kalyug.
Now Prakash Jha will blend mythology into Indian politics.
Interestingly earlier he wanted to film just the Draupadi section of the Mahabharat with Madhuri Dixit in the lead.
He shelved the idea when he heard other filmmakers were barking up the same tree.