The forthcoming project, rumoured to be titled "Gully Boy", is about the lives of street rappers from Mumbai's chawls and ghettos, including artistes Naezy and Divine.
There have been reports that Ranveer will be seen in the role of a rapper.
When asked if the 31-year-old actor is doing the film, Naezy told PTI, "He is doing the film, it is almost confirmed. But still there are few things which are yet to be finalised, writing is underway."
"Ranveer also listens to hip-hop. He knows what real hip-hop is. We spoke to him and he is also very excited regarding this. He will enjoy this (role) too. I had done a Bollywood track called 'Birju' on which he lip synced and was in my get up.
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"He was rapping like me. He listens to all our music. He is a very versatile actor. He can be a Bajirao and a rapper too," he said.
Zoya also saw live performance of the artists to get a better insight, and Naezy says the rappers on their part gave her inputs.
"She is a very intelligent director. She has thought of making something on this, so it's good. The biggest misconception regarding hip-hop will be removed and it will also help the underground scene to reach mainstream," he said.
At the event, Divine, whose real name is Vivian Divine
Both the artistes, through their rap, touch on several issues like police brutality, crime, corruption, and everyday struggles.
Divine, who is behind the hit "Jungli Sher", feels it will be great if Zoya makes a film on the underground hip-hop scene in the city.
When asked if a movie will help get rap in the mainstream, Divine said, "It will happen, but depends on what kind of a movie is made. Because rap is related to girls, guns and drugs. But in our space it is different."
"We talk about everyday struggles, so I think it should be the right director and the right film. If Zoya is making a film, then I think it'll be brilliant because her films are quite nice," he said.
According to Divine, the digital space, especially Twitter, has played a huge role in bringing them into limelight, with even Ranveer contacting them through the social media.
"I have interacted with Ranveer through Twitter. He heard 'Meri Gully Mein'. He knows the hip-hop scene and loves it. I don't know if he is acting in the film, but if he does then, 'wow'," Divine said.