The actor played Circuit in the first two films Munna Bhai M.B.B.S and Lage Raho Munna Bhai, directed by Raj Kumar Hirani and starring Sanjay Dutt in the title role.
According to IANS, Warsi said: "I don't know about [the status of the film]. Raju (Hirani) is the best person to answer. I think Vidhu Vinod Chopra wants to make it but I don't know.
"When will they, I really have no idea. I have been very busy with my projects so I really don't know. Raju and Vinod are the right people to answer."
Warsi and Dutt were widely praised for their performances in the pictures , and the second film in the series went on to win the 2004 National Film Award for 'Best Popular Film', and several Filmfare awards, including the Critics Award for 'Best Movie' and 'Best Screenplay'.
"I know that people are waiting for me and Sanjay Dutt to get back together," said Warsi, "But I am okay. I don't keep pre-conceived notions about anything in my life. If we go ahead then good and not then it's fine, life goes on," he added.
The idea of a follow-up film called Munna Bhai Chale Amerika was dropped and it was decided the script would be reworked.
It was reported last year that a third instalment may feature a fresh new cast.
The actor is currently preparing for his role as a dacoit in his next film Chambal Safari.
"I am quite excited about Chambal Safari. It will go on floors by the end of this year because it needs that kind of temperature in Chambal," he said.
Watch the trailer for Munna Bhai M.B.B.S. below: