R. Eliyahu Fink of the Pacific Jewish Center argues for just that, calling the recent movie about Noah directed by Darren Aronofsky a modern midrash for its filling in of gaps in the narrative and its addition of new shades of meaning to an old story.
The core of R. Fink’s concern is that the body of interpretations called “The Midrash” in the Modern Orthodox world has gotten too small and hidebound. I agree with R. Fink that there is a problematic tendency to treat as effectively canon medieval and earlier biblical commentaries. I am not, however, sure that the proper remedy is to write new midrash. (Setting aside that his suggestion implies that the spinning of midrash has somehow stopped; I don’t think he means that, and I don’t think that has happened in any event.)
(Warning: this is a bit of turgid post, language-wise. It’s a lot of thinking “out loud” about relatively wonky stuff. Just, you know, hold tight. Inspirational stuff comes at the end.)