To be directed by Anees Bazmee, the sequel is tentatively titled "Aankhen Char".
"It is possible. I might rope him (Govinda) for a special gesture. Govinda had done a wonderful job in 'Aankhen' and taken the film to a next level," Nihalani told IANS.
Nihalani, who had produced the original, is financing the sequel as well and added: "I am also working with Govinda in my next film 'Avatar'. I hope we have a strong association in future as well."
Released in 1993, "Aankhen" was directed by David Dhawan who also roped in Chunky Pandey and Kadar Khan in the comedy-drama, which did a roaring business at that time.
Ask him who will play the lead in the sequel, Nihalani said: "I want to cast some youngsters in the film. It should appeal to the audience and should be justified. We have not finalised the cast yet. Once we finalise the casts, we shall make an official announcement."
Film will go on the floors in August and Nihalani said the "project is very close to my heart".