Ahmadinejad told journalists: "In principle I have no objections to featuring in such a film, but all the details have to be agreed with my advisors."
Stone first made the offer about one year ago. The president had previously refused to allow filming to go ahead, saying the director was part of the "Great Satan," a term used in Iran to describe the U.S. since the 1979 Islamic Revolution, when the despotic U.S.-backed Shah Mohammad Reza Pahlavi was overthrown.
Iranian authorities have in the past accused Hollywood of distorting the country's history and international image.
Stone's 2004 epic Alexander provoked criticism from the Islamic Republic, which objected to the portrayal of Alexander the Great as a hero, even though he invaded, looted, and possibly deliberately burned down the ancient Persian capital Persepolis in around 333 BC.
The director has previously made documentary films about Cuban President Fidel Castro, and U.S. presidents Richard Nixon and John F. Kennedy. Like Ahmadinejad, he is known to be a strong opponent of U.S. President George W. Bush, and the 2003 invasion of Iraq.
Ahmadinejad, 50, became Iran's leader in 2005, having worked his way up through the country's Revolutionary Guards, the largest branch of Iran's military. His insistence on pursuing a nuclear energy program has made him highly unpopular with the U.S. leadership, which accuses Tehran of developing atomic weapons.
Ahmadinejad's alleged support of Shiite militant groups in Iraq, Lebanon, the Palestinian territories and Afghanistan is also a cause of dispute with the U.S.
