Katie, a Power Player?

What are you up to, Katie Holmes?

Sure, Tuesday night she presented at the Costume Designers Guild Awards, but we're more interested in an earlier afternoon sighting in which she shared a two-hour power lunch with veteran director Garry Marshall at the Biz-heavy Polo Lounge at the Beverly Hills Hotel.

An E! News spy says Holmes—dressed in a sexy V-neck top, dark jeans and boots—could be overheard telling Marshall, "I want to challenge myself. I just want to be better."

Is she angling for involvement in Marshall's next project, the romantic comedy Valentine's Day?

Insiders say no, she has other projects she's weighing—and we're not just talking about an afternoon power-shopping session at Barneys, where we're used to seeing her.

One source points out Holmes and Marshall are both repped by the talent agency CAA, which could explain the networking lunch.

A New Line rep confirms to E! News that Holmes is not in any talks to star in Marshall's romcom.

What is clear is that both Holmes and hubby Tom Cruise are playing the Hollywood game. A source tells E! News that Tom lunched with Fox studio execs at the Fox lot's commissary at the exact same time Katie was schmoozing with Marshall.

"Tom looked intense," says the source. "He had a Cobb salad without bacon. And a few Diet Cokes." Which just might explain his caffeinated intensity...but what's he been feeding Katie?