Production company Lime Pictures is due to stay in Mumbai for several months looking for potential stars of a new spinoff, reports The Sun.
A source said: "Mumbai is just like Essex in a strange way - it's teeming with young people who are obsessed with themselves.
"Bosses are looking for vain, good-looking pals to take the central roles and it hasn't been hard.
"Just like in Brentwood, the Mumbai social scene is all about looking your best and bitching about your pals and rivals."
The show will reportedly centre around a group of Mumbai's social elite, who live in lavish homes and are heavily influenced by Western culture.
It will be made for an Indian broadcaster, but it may be aired on a UK channel as it will most likely be an English-language programme.
Lauren Goodger confirmed last week that she quit The Only Way is Essex due to jibes about her weight.
She later said that she would be interested in reuniting with Mark Wright for a new show.