The actor has most recently appeared in Chakravyah and Raaz 3.
A source told The Times of India: "Esha was approached for the role as she's tall and has a very athletic physique.
"Obviously, her looks are an advantage, as those who've seen the original will be able to connect with the film better.
"This is a huge project for her, considering there will be a Hollywood studio backing it along with Indian producers.
"Due to Esha's back to back hits in a row, the makers did not have any double thoughts before approaching her."
In October, the former model said that she has found it easy to adapt to being a celebrity.
She has previously claimed that audiences do not want to watch unattractive actors on screen.
Watch the trailer for Raaz 3 below: