Cameron told The New York Times he's been in talks to helm a 3-D "Cleopatra" film starring Jolie, 35.
"There's a 'Cleopatra' project in works, meaning that it's been in development at Sony," he said. "And it's a subject that's always fascinated me."
No deal has been struck, but Cameron, 56, thinks "it sounds hot, doesn't it? I mean, Angelina Jolie and 'Cleopatra'? To me, that's like a slam dunk. Whether I wind up doing it or not, I think it's going to be a great project."
Jolie told UsMagazine.com in July that she "would be honored" to play the part of the Egyptian Queen, though she hadn't "gotten the script yet."
An Essence.com story published in June blasted the casting choicecalled "Another White Actress to Play Cleopatra?" published in June, the author blasted Sony's casting decision.
"Honestly, I don't care how full Angelina Jolie's lips are, how many African children she adopts, or how bronzed her skin will become for the film," the author of the article entitled "Another White Actress to Play Cleopatra?" griped. "I firmly believe this role should have gone to a black woman."