The 2013 coming of age comedy was directed by Mrighdeep Singh Lamba and also featured Pulkit Samrat, Varun Sharma and Richa Chadda.
Set in Delhi, "Fukrey" chronicled the story of four friends who come together to make easy money.
When asked if the sequel will continue from where if left, Ali told PTI, "That is a creative question which I am not allowed to answer. We just read the final draft and I am extremely happy with it. The movie is madness. I hope we can pull it off because it has certain angle which is hard to shoot."
The "3 Idiots" actor said the movie, which will have all the cast members return, will have the similar comic feel.
"It will be in the same comic space. The same principle cast is back and also some new interesting characters and roles. I am really excited for it. I will begin shooting for it shortly."
The 29-year-old actor will be next seen in "Happy Bhag Jayegi". The film stars Abhay Deol, Diana Penty, Jimmy Shergill among others.