The Iron Man 2 star stated that he has long been a fan of "the theatricality" in the Indian films, according to WENN.
"I would love to sing and dance in a Bollywood movie," Cheadle said. "I think they're great, the theatricality of them. I love the presentational aspect of the storytelling as a fable."
The actor went on to state that he is also partial to martial arts films.
"I would have loved to have been in [2004 Stephen Chow film] Kung Fu Hustle," Cheadle said. "I thought that was a great movie. I'm not as skilled as those fighters but I would love to be a part of something like that."
Cheadle recently promised that Iron Man 3 would begin filming in 2012, claiming that production will start in February.
In January, the actor revealed that work on a spinoff film featuring his Iron Man 2 character War Machine is already underway, stating that a writer has been hired to work on the script.