Spokesman Solon So said Chan and Zhang have held several discussions but haven't agreed on a project.
"Both parties are interested but they need to find the right script," So said.
Chan said last year he and Zhang conferred on a story set in the 1980s but wouldn't reveal details.
Zhang is known for films like "Raise the Red Lantern," "Hero" and "House of Flying Daggers." One of China's most respected directors, he has won the Golden Lion award at the Venice Film Festival twice.
Most recently, he filmed "Curse of the Golden Flower," a movie about ancient Chinese imperial politics starring Gong Li and Chow Yun-fat.
Meanwhile, the Hua Shang Bao newspaper reported that Chan is making preparations to film the third installment of his "Armor of God" series.
Chan plans to direct and cast mainland Chinese actors, the newspaper said.
The first two installments of "Armor of God" revolved around an Indiana Jones-style treasure hunter called Asian Hawk.
So said he couldn't immediately confirm Chan's interest in filming "Armor of God III."