According to The Hollywood Reporter, Scorsese is keen to direct a remake of the 1974 film The Gambler with Monahan on board to pen the script.
The original film starred James Caan in a Golden Globe-winning role as an English professor who develops a gambling addiction and falls into debt with the mob.
Scorsese is said to be keen for regular collaborator Leonardo DiCaprio to take the film's lead role, although no deal is in place at present.
The director recently continued his penchant for directing music documentaries with a new film about the life of The Beatles member George Harrison.
Scorsese's next project, a family adventure film called Hugo, is due out in cinemas in the US on November 23 and in the UK on December 2.
Watch the trailer for Martin Scorsese's The Departed below: