When the filmmaker learnt about Sridevi's death, he had tweeted that he was planning to approach her for a project.
"It is a beautiful story, I have got the rights for it. It is from a book, a novella... It is a Chinese story. I felt it would be wonderful to do it with Sridevi. I had thought of narrating the idea to her, but she passed away. It was shocking," Mehta told PTI.
The "Aligarh" director says the film would have revolved around the veteran superstar.
"She (the protagonist) experiences all these emotions supposedly... All these years she has been single," he adds.
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Mehta says he is determined to go ahead with the film but is yet to find the actor who would now star in the main role.
"I will dedicate it to Sridevi," he adds.
Mehta had met Sridevi during the preview screening of his film "Dil Pe Mat Le Yaar" back in 2000.
Sridevi, 54, died of accidental drowning in the bath tub of a Dubai hotel on February 24.