The actor, who turns 44 on August 10, is planning his second film as director, says a report on the Guardian Unlimited website.
The voice behind the adorable Puss in Boots in Shrek 2, Banderas made his directorial debut in 1999 with Crazy in Alabama. But the film, featuring wife Melanie Griffith, proved a blooper at the box office.
His new project, The Englishmen's Road, will be made in Spanish and is based on Antonio Soler's novel, El Camino de los Ingleses.
The Englishmen's Road goes into production in 2006. Meanwhile, the actor is gearing up to reprise his role as the masked hero in Zorro 2.