The film centres on a love triangle involving a hearing- and speech-impaired man and two women.
Basu told The Times of India: "Well, I've to confess we're toying with the idea of putting out an English version of the film. I cannot say much about that right now. Let's see.
"The film has been to the Busan and Marrakesh film festivals. The only reason it isn't at the Toronto Film Festival is because we were too busy releasing the film worldwide to take it to Toronto.
"But those sections of non-Indian viewers who have seen Barfi! say it has the potential to break through the language barrier."
Barfi! has collected over Rs 2 million internationally since its release.
Producer Karan Johar described Basu as "the god of all filmmakers" on Twitter after seeing the film.
Watch the trailer for Barfi! below: