Baji Rao was a noted general who served as Peshwa (Prime Minister) to the fourth Maratha Chhatrapati (emperor) Shahu from 1720. He was credited with expanding the Maratha empire.
Bhansali had been planning to make a film on Peshwa Bajirao and his ladylove Mastani for last 15 years. He had conceptualised the project with his 'Hum Dil De Chuke Sanam' star cast Salman Khan and Aishwarya Rai.
There is buzz that Ranveer would be playing Bajirao and would also have to shave off his hair for the role.
"He is in advance talks for the film. Till things are finalised we cannot say anything," Ranveer's spokesperson told PTI.
The names of several big actors like Shah Rukh Khan, Ajay Devgn and Hrithik Roshan had also cropped up earlier, but Ranveer seems to be the front-runner now.
Ranveer worked with Bhansali in his last directorial venture 'Goliyon Ki Rasleela Ram-Leela', which was a huge hit.
Apparently, Deepika Padukone is likely to play the role of Mastani. If all goes well the film is likely to go on floors from next year, sources said.