Mishra, who is best known for directing Hazaaron Khwaishein Aisi and Chameli, describes making a Kishore Kumar biopic as "a dream come true" but is undecided on casting.
He said: "You can't have an acknowledged superstar playing a personality whom generations know like a member of the household. On the other hand you can't make a big-budget biopic on Kishore Kumar unless you've a readymade audience. So it's a Catch 22 situation."
However, Iqbal director Kukunoor has already offered the lead role to Shreyas Talpade in his production, which will focus on Kumar's musical career.
Shoojit Sircar's film was recently delayed after he agreed to start filming spy thriller Jaffna in August ahead of beginning work on his Kumar biopic.