Oscar-winning Australian actor Cate Blanchett is reportedly set to play Martha Stewart in a planned biopic about the American entrepreneur and “domestic goddess”.

Speaking with Variety on the red carpet at a film premiere in New York this week, Stewart said she had been “hearing rumours” of a new biopic, after previously being the subject of a 2024 Netflix documentary titled Martha.

“I think there’s something… in the works right now with, um, Cate Blanchett, called Good Thing,” she added, after being prompted by someone off-camera.

The magazine said it had confirmed the news, and that the film – named after Stewart’s catchphrase “It’s a good thing” – would be directed by Janicza Bravo, who helmed the 2020 award-winning black comedy Zola.

Stewart, often described as the original lifestyle influencer, became America’s first self-made female billionaire on the back of myriad publishing and broadcasting ventures. However, her empire fell apart when she was accused of insider trading in 2004 and ended up spending five months in prison.

The Martha documentary, directed by RJ Cutler, used interviews and archival material to tell the 84-year-old’s story, including how she made her comeback after her jail stint.

In an interview with the New York Times after Martha’s release, Stewart was critical of the film, saying it focused too much on her trial, and used little of the archival material available.

“Those last scenes with me looking like a lonely old lady walking hunched over in the garden? Boy, I told him (Cutler) to get rid of those. And he refused,” she said.

“I hate those last scenes. Hate them.”

Later, she said on a US talk show that she wanted Netflix to consider doing a second version.

“There’s a lot more to my life. I mean, I’ve lived a long time and I just thought maybe we’ve left out some stuff … good stuff.”

Stewart, who visited Australia last year to speak at Vivid festival in Sydney, has launched a number of new projects in recent years – including a podcast, a line of gummy supplements and a new book.

She has also garnered attention for her close friendship with rapper Snoop Dogg. The pair first met on her cooking program The Martha Stewart Show in 2008, and teamed up as commentators at the 2024 Olympics in Paris and the recent Winter Olympics in Milan.

There has been no official confirmation about the new biopic from Blanchett, who most recently starred in the 2025 Jim Jarmusch film Father Mother Sister Brother. However, Variety suggested the Australian seems like a “natural fit” to play Stewart, “often bringing a maternal yet cutthroat fire to her roles”.

Blanchett was photographed this week walking the red carpet in London at the Olivier Awards, which celebrate British theatre.

The actor, who starred in a West End production of The Seagull last year, looked stunning in a floor-length black gown with a criss-cross cut out at the midriff, and made headlines for cheekily holding up her middle finger to the noisy pack of photographers.