Boney Kapoor, the producer of the much-loved 1987 film, is reportedly considering reuniting with the original's director for the second movie, the Mumbai Mirror reports.
Speaking about the possibility of a sequel, Kapur said: "Well, it is too early to talk about this. But yes, Boney and I have been talking about it often."
Barfi! director Anurag Basu had originally been approached for the film, however it was always expected that Kapur would have some involvement in the project.
A source said: "Shekhar had prior commitments and had said that he would be present as the creative consultant on the project."
The original film starred Anil Kapoor and English Vinglish star Sridevi, and it is expected that the two actors would have a significant role in the sequel, while Salman Khan would be cast in a lead role.
The Elizabeth director has said he finds Bollywood films stifling.
The sequel to Mr India is expected to release in 2014.
Watch a song from Mr India below: