Stone has already directed three films based on the Vietnam War
will be about US President George W Bush
Stone, 61, said he wanted to make "a fair, true portrait" of the president that would contain surprises for "Bush supporters and his detractors".
He said he was in talks with No Country For Old Men star Josh Brolin to play President Bush.
Stone has previously made films about former presidents John F Kennedy and Richard Nixon.
Stone said he was currently securing financial backers for the film but hoped production would begin in April.
He said the script, written by Stanley Weiser - his co-writer for the 1987 Wall Street film - had been completed before the start of the ongoing US writers' strike in November.
In the past, Stone has been critical of Mr Bush's "overreaction" to the 9/11 attacks, saying the president had "set the country back 10 years".
But speaking to Daily Variety, he said he would not give a personal opinion of Mr Bush because "the film-maker has to hide in the work".
"Here I'm the referee and I want a fair, true portrait of the man," he said.
"How did Bush go from an alcoholic bum to the most powerful figure in the world?"
The film would include a look at the president's "belief that God personally chose him to be president of the United States and his coming into his own with the stunning, pre-emptive attack on Iraq", he added.
Stone said he was hopeful of securing the services of Brolin - who has also been seen recently in American Gangster.
"Josh is actually better looking than Bush but has the same drive and charisma that Americans identify with Bush, who has some of that old-time movie-star swagger," Stone added.
He said he was upset when film company United Artists halted production of his Pinkville film - based on the 1968 My Lai massacre in Vietnam - at the end of last year.
United Artists cited the writers' strike as the reason for that - despite the script already being finished.
But Stone said: "On Pinkville, I had a great script and one of the best casts on any of my films with 40 young actors and Bruce Willis.
"It's a shame they lost faith in the film and that they unemployed 500 people right before Christmas. We were three weeks from shooting."From: news.bbc.co.uk