Priyanka won the National Award for the best actress for her performance in "Fashion", which also starred Kangana Ranaut.
"Priyanka (Chopra) and I have been discussing the script. Priyanka is very excited about the subject of 'Madamji'. The film's subject is extraordinary. We always wanted to work together post 'Fashion', unfortunately we never came across a great subject," the filmmaker told reporters here in an interview Wednesday.
"Now we are working out on dates and logistics and if everything falls in place, then we will definitely make the film with her," he added.
"Madamji" is rumoured to be based on an item girl who turns politician. Bhandarkar's last film "Heroine" starred Kareena Kapoor.
