Lee is currently represented on Broadway with the Mike Tyson solo show Undisputed Truth, which opened Aug. 2 at the Longacre Theatre. He also filmed a live performance-documentary of the Tony-winning musical Passing Strange.

Lee told IndieWire.com that he has long been in discussions with the Gershwin and Heyward Estates. "There have been musical elements in my films, but I've been wanting to do a straight up musical for many, many years," he said.

The timing is ripe for a new film of Porgy and Bess, which is currently enjoying a Tony Award-winning revival with Audra McDonald and Norm Lewis at the Richard Rodgers Theatre.

It has also been reported that Lee is aiming to develop a stage musical adaptation of his film "Do the Right Thing." Lee confirmed the news on "The Today Show," stating, "I'm talking to Sir James Nederlander about it," referencing the Tony Award-winning Broadway producer.