The Oscar-winning filmmaker has never made an English language film, despite numerous offers to take his talents to Hollywood.
However the 66-year-old's head has been turned by the success of Tim Miller's anarchic superhero blockbuster "Deadpool", and he'd love to team with Tarantino to make a follow-up, reported Contactmusic.
"I'd love to do that (direct a Deadpool movie), but the script would have to be by Quentin Tarantino, who would be perfect for this movie," he said.
"I'd like to co-direct that script with him. That would be a real possibility, if he wanted to do it."
After making his name with acclaimed films like "Women on the Verge of a Nervous Breakdown" and "All About My Mother", Pedro was offered the chance to direct the 2005 gay cowboy drama "Brokeback Mountain."
Although he agonised over the offer, he decided to turn it down. The movie went on to win a Best Director Oscar for director Ang Lee.
"They (Brokeback Mountain's producers) were very patient waiting for me," he recalled.
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