It is a subject that Pandit has been looking at for the past few weeks as he closely followed media reports of the bar dancer's gradual rise to success, wealth and infamy.
"I found the whole thing very intriguing and felt it could make a great film," Pandit says.
He is however not yet clear about when he could start shooting for the film or which actress could be ideally suited to play the title role.
Pandit is also not certain about how he'd like to project Tarannum yet.
Meanwhile, his documentary "Paani" on the government's failure in disaster-management that resulted in hundreds of deaths in the Mumbai rains in July is almost complete.
"It is the biggest expose on the collapse of the system and the indifferent attitude of those in power. The film will be an eye-opener of sorts," he says. The film will be released in November and Pandit is planning to screen it at all the theatres.