The 38-year-old actress, who stars in Woody Allen's To Rome with Love with husband Javier Bardem, revealed she is a fan of Indian cinema.
In an interview with The Times of India, the actress said: "I am a great fan of Indian cinema and I would love to work with Shah Rukh Khan. I have the movie rights to a book and we are going to shoot the movie in India."
Cruz said that while she recognised the popular appeal of Indian cinema the world over, it would take some time for Bollywood to gain recognition in Hollywood.
"The Indian industry is emerging and growing," she commented. "There are a lot of Indian actors who have started working in various Hollywood projects and have done well.
"As the saying goes, 'Rome was not built in a day'. It will take some time but Indian talent has gained a lot of popularity."
The Vicky Cristina Barcelona star also said she hopes to visit India, stating: "I love the people there and will plan a trip very soon."
Watch a preview clip from To Rome with Love below: