Is billionaire Len Blavatnik ready to buy a movie studio?

The Ukrainian-born entrepreneur, who sprung $3.3 billion for Warner Music in 2011, is musing to friends that he’d like to grab a Hollywood studio.

Our On the Money spies speculate that Len has his sights on putting the band back together with his company’s former sibling, Warner Bros. Entertainment.

Of course AT&T has first dibs on Warner — the studio behind “Suicide Squad,” starring Margot Robbie — given the telecom’s $85 billion offer for Time Warner, but that doesn’t stop movie moguls who might be angling for a breakup.

Blavatnik has been a quiet investor in both movie and TV projects through his AI Film label, and recently backed a TV production joint venture with BBC Worldwide.

Blavatnik, worth $16.7 billion, has coveted a studio for some time, sources say, but whether he will pull the trigger is anyone’s guess.

“It’s Oscar time. It’s when everyone covets owning a studio,” a source told On the Money.