"Today, at this point, I don't know if it is happening or not. I don't think it is happening but I am not sure," John told PTI.
The third part of the comedy series was announced with Abhishek Bachchan, John, Suniel Shetty and Paresh Rawal over a year ago.
Apparently due to financial constraints, producers have yet not gone ahead with the project.
The first film, which released in 2000, starred Akshay Kumar, Sunil Shetty and Paresh Rawal in lead roles. It was directed by Priyadarshan. Its sequel "Phir Hera Pheri", produced by Firoz Nadiadwala, saw the same cast.
More From This Section
"Firoz Nadiadwala is the right person to answer that question. If you get an answer please tell me because I genuinely don't know anything about the film. He is the best person to have an idea," John said.
"We launched the film. I heard Abhishek Bachchan dropped out but I have not communicated on this with him. It's producers perogative to tell us what is happening."
The "Madras Cafe" star, however, said if the film goes on floor he would be open to be a part of it.
John is currently basking in the success of his latest release "Dishoom", which also starred Varun Dhawan and Jacqueline Fernandez.