The as-yet-untitled project features Shah Rukh Khan, with music by AR Rahman.
"Chopra is very keen to have Kads opposite Shah Rukh. He is quite fond of both of them and loves their on-screen pairing. He feels that they can create the same magic," a source told Mid Day.
"While it's sure that Katrina will star in the film, it could be possible that the movie is a love triangle and that they have approached Kajol to either reprise the other romantic lead or do a cameo."
Kajol is reported to have been recently seen at the Andheri-based production house of Yash Raj Films.
The project marks Yash Chopra's return to directing after a seven-year hiatus.