According to the Times of India, both are being circled to star in an incredibly ambitious live-action trilogy.
Ramayana will be helmed by Nitesh Tiwari and Ravi Udyawar, and is expected to have a huge budget attached.
Roshan has allegedly been approached to play Lord Ram, while Padukone is being courted for the role of Sita.
No casting announcements have been made, and this is still unofficial speculation at this stage – but it would be a huge move for Padukone, and cement her as one of the industry’s top talents.
Whoever joins the project, it’s set to be huge; with Tiwari recently saying that it will be an exciting “challenge”.
He told ETimes: “I am looking forward to work in Ramayana, something that I am really excited about.
“Once done with Chhichhore, I will go back to start working for Ramayana.
“It is a challenge for me as I have a sense of responsibility to bring the project in its true form of glory for the country.”
Meanwhile, Padukone is also working on ’83 with her husband Ranveer Singh.
The pair have been working on the film – which is about India’s 1983 cricket world cup win – in the UK over recent weeks.
She’s also involved in Chhapaak, in which she plays an acid attack survivor. She is also producing that particular film.
In addition to xXx: Return of Xander Cage, her other recent hits include the controversial but massively successful Padmaavat.