The director, who received acclaim for his last outing 'Uma', told PTI that he had been toying with the idea ever since he read a newspaper article on the ascetic in 2016.
With Prosenjit Chatterjee in the titular role, the film is scheduled to go on floors in 2019.
"I am currently doing my homework. The project will commence next year," Mukherji said, refusing to divulge further details about the film.
Sharing a picture of Netaji on his Twitter handle on Saturday, Chatterjee had said, "Today, 18th August, Netaji Subhash Chandra Bose boarded the flight in Taiwan before disappearing forever. SVF, Srijit Mukherjee and Prosenjit Chatterjee are delighted to announce a film on the mysterious case of Gumnami Baba, a man many thoughts was Netaji."
Bose was believed to have survived a plane crash in Taiwan by a section of friends and family members.
A one-man commission constituted by the Centre to find out about the disappearance or death of Netaji nixed the air crash theory but could not confirm if the ascetic in UP was Bose due to an absence of "clinching evidence".
SVF co-founder Shrikant Mohta expressed hope that the film will receive a good response at the box office.
"We are optimistic that this film will garner positive critical and audience response," he said.
The yet-untitled film is slated for release in 2019.