Arbaaz, who produced Dabangg, will make his directorial debut with the follow-up film.
Speaking to PTI, he said: "We do have a song in Dabangg 2, but it is too premature to talk about it. We would like to call it a popular song rather than an item song. Once we have recorded the song then we can take a decision accordingly.
"I am in conversation with Kareena about the song. She too is keen on doing it. We would be happy if she would do the song.
"Principally we have agreed but nothing is on paper. We need to work out certain things like availability," he added.
Salman Khan and Sonakshi Sinha will reunite for Dabangg 2. Shooting has commenced and the film is expected to release by the end of the year.
It was reported earlier in the year that the film could be delayed because the script was not yet ready.
"We have completed one schedule and will begin another soon. We expect to release it by the end of the year," Arbaaz confirmed.
The highest-grossing film of 2010, Dabangg is considered to be Salman Khan's biggest success in recent years, making him the highest-paid Bollywood star on the back of its box office success