The film would have seen Michael's 'Reservoir Dogs' alter ego Mr. Blonde, team up with John Travolta's 'Pulp Fiction' character Vincent Vega.
The duo never met on-screen, although Tarantino has confirmed they are brothers, as Mr. Blonde's real name is Vic Vega.
According to Madsen, the unmade project would have seen the pair working in the criminal underworld in Amsterdam, where Vincent had just returned from in the plot for 'Pulp Fiction'.
The 62-year-old actor told The Hollywood Reporter: ''The picture was going to start out with the two of us being released from prison in different states. And we open a club in Amsterdam.''
The flick was initially planned to come out in the late 1990s and would have to have been a prequel as both characters were killed in their respective films.
Ultimately, it did not happen because Madsen and Travolta became ''too old'' to reprise their roles.
Despite this, Madsen claims that Tarantino had suggested a further idea that the film could be led by a younger pair of actors.
Madsen - who has also worked alongside the legendary filmmaker on both instalments of 'Kill Bill' and 'Once Upon a Time in Hollywood' - explained: ''He had come up with this idea that it would be the twin brothers of Vic and Vincent, who met after the deaths of their siblings. It was very complicated, but when Quentin starts discussing an idea, it's very easy to go along with it.''
Madsen and Travolta, 66, worked alongside each other on the motorsport flick 'Trading Paint' where they joked about being brothers in Tarantino's films.
He recalled: ''We had a scene where we are at a big retirement party, and I walked up to John and he goes, 'I thought you were dead'. And I looked over at him and I said, 'Well, I thought you were dead.'''
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