Akshay, 47, is in "advanced negotiations" to star in the movie, which has been set for 2016 release.
It will be co-produced by Kriarj Entertainment Pvt Ltd and Essel Vision Productions.
"Namastey London" also starred Katrina Kaif, Rishi Kapoor and Upen Patel. It followed the story of a Punjabi man (Akshay), who goes to London to pursue his NRI wife (Katrina).
Besides directing it, Vipul also produced the film.
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