The director, who cast the pair in hits such as Raja Babu, is currently shooting a song for Chashme Buddoor.
He told the Hindustan Times: "I'm considering roping Govinda and Karisma Kapoor in for the song, but I have already begun working on a full-fledged film script for them. I'd rather give them an entire movie. They are great actors.
"I felt Karisma's potential was not entirely exploited [in Dangerous Ishhq]. No one can do justice to her acting skills like I have in the past. The two of them are exceptional performers."
Kapoor's last major role was in the 2006 drama Zamaanat, also starring Amitabh Bachchan.
The 38-year-old actress recently denied that Dangerous Ishhq was her cinematic comeback.
She has said that she wants to act again to show her children how much the industry means to her.