Luhrmann wants DiCaprio for Hamlet
The director and the actor have only just finished work on The Great Gatsby, but The Hollywood Reporter says Baz is already lining up his next classic adaptation.
He was quoted as saying: "To me, Gatsby is the American Hamlet. What else could we possibly do as a follow-up?
"It's just a dream at this point."
Baz and Leonardo have worked together on Shakespeare before with their 1996 film Romeo + Juliet.
Jay-Z, who is the film's musical producer, revealed that he nearly starred in the 2002 movie G, a hip hop spin on the novel.
Leonardo stars in The Wolf Of Wall Street with Jon Favreau, Matthew McConaughey, Jonah Hill and Joanna Lumley later this year. It was directed by Martin Scorsese and is the true story of a New York stockbroker who went to prison when he refused to cooperate in a fraud case.