The 54-year-old director is starting to make plans for his next movie - the follow-up to Oscar winner 'Oppenheimer' - and he could be reunited with a familiar face for the as-yet-untitled project.
As reported by Deadline, Nolan is returning to Universal for the film with plans for an Imax release in July 2026.
It's believed Damon is in line to star in the movie, which would be the third time the pair have collaborated together on the big screen.
As well as last year's 'Oppenheimer', the 54-year-old actor also appeared in 2014's 'Interstellar'.
This means he'll join Christian Bale and Cillian Murphy as actors to have teamed with Nolan on at least three occasions.
Plot details and official casting for the new film are being kept under wraps.
Nolan previously explained how he has constantly had to adapt as a director, and he's not actually made any of the ideas he had growing up.
In an interview with Empire magazine, Nolan said: "As a young man, I had a list of, however many I'd worked out, 12 or 13 films... I had a lot of ideas and a lot of very specific things that I was going to do. And I look back and I haven't done any of them; they all changed.
"When you plan ahead too far in the movie business, you're not taking into account the shifting sands of culture under your feet... (Cinema) evolves. And part of your job as a filmmaker is to be open to being part of that evolution."
However, Nolan insists that he is grateful to have been able to change his plans.
The filmmaker said: "That's been tremendous fun. It would have been very boring to have done things exactly the way I thought I was going to do them."