There were reports that Dhulia had roped in the actor for the project, for which names of Imran Khan and Shahid Kapoor were doing the rounds.
Coming from the success of "Fukrey Returns" and Oscar nominated "Victoria and Abdul", Ali says it would be great if he lands "Milan Talkies".
"We are still in early stages. It's almost just talks now. I would be very happy if this works out and we go on floors, whenever we do. It's his dream project so I am sure you'll get the real scoop from him," Ali told PTI.
"I am excited as any actor would be in today's day and age where cinema is changing. We need to do good films, good content because we are going global... I am just excited to be part of good projects. It will be a big step forward at home."
Ali's last release "Fukrey Returns" was a hit and his first international film with veteran actor Judi Dench bagged two nominations in Best Costume Design, and Best Make-up and Hairstyling categories at the Oscars.
For the 31-year-old actor, stakes are higher after every success.
"If your film does well, suddenly you're hot in the market. You do your next few films and then the next Friday comes - people watch if you pass or fail."
Ali said the motivation, irrespective of success or failure, is to always work with good production houses and an able director.
"And sometimes there is a director, like Tigmanshu sir who is a phenomenal guy. I would never leave a chance to work with him," he added.
Ali said walking the runway is scary but an equally thrilling experience.
"Everybody is fashion conscious, you have to be. It speaks of who you are. It's not wearing the next thing in your cupboard, you wear an attitude. Style isn't something you wear everyday. It's in you, therefore it speaks through your clothes.
Disclaimer: No Business Standard Journalist was involved in creation of this content
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