Waititi has already made an impression on Star Wars with his portrayal of bounty hunting assassin droid IG-11 in the Disney+ Star Wars television series The Mandalorian, as well as directing the final episode of the first season, overseen by executive producer and fellow Marvel alumnus Jon Favreau.
It is unknown what project Waititi may be being sought for, but with Star Wars movies scheduled for 2022, 2024, and 2026, and no directors confirmed after the exist of Game of Thrones showrunners David Benioff and DB Weiss, Disney and Lucasfilm are sure to be on the hunt for talent to keep these projects on track (or not too severely delayed, at least).
It is also a possibility that this could be related to the Kevin Feige Star Wars movie that was confirmed to be in early stages of development last year, or if this would be an entirely new project. Feige's successes with the Marvel Cinematic Universe singled him out as a suitable candidate for the interconnected canon of Star Wars, and it seems only natural that other directors he has worked with would also come on board.
Although clearly popular with the decision makers at Disney and Lucasfilm, Waititi is in high demand; with a live action adaptation of the anime Akira, and Thor: Love and Thunder already lined up, it's unclear when a large project in the Star Wars universe could fit in to his schedule.