The actor, who starred as a Middle Eastern leader in the US series, has been earmarked to play the lead role in the Bollywood update.
Director Abhinay Deol told The Times of India: "The show was never meant for the channel mentioned in news reports. Those were speculative stories, so we chose not to respond.
"The show is definitely happening, but I can't give you a timeframe within which it will launch."
A source has told the paper that the show was considered too Hollywood by popular Indian drama channel UTV.
Kapoor added: "Even the casting is yet to be locked. I am planning to recruit newcomers for the show, with me in the lead. 24 is special, and its adaptation has turned out beautifully. I want the best channel to launch the show.
"In all likelihood, shooting will commence by the end of this year."
In February, Deol said that 24 would be "Indianised" for audiences in Kapoor's native country.
The actor has previously said that he has established himself in Hollywood, following his role in Mission Impossible 4: Ghost Protocol.