"I am not aware about it (the sequel). I am not doing it," Akshay said in an interview here.
The first film, directed by Vipul Amrutlal Shah, also starred Amitabh Bachchan, Paresh Rawal, Arjun Rampal and Sushmita Sen.
Meanwhile, gossip mills have constantly been abuzz that Akshay has given a go-ahead to Divya Khosla Kumar's next movie which will be in the romantic genre.
While the actor recently denied his involvement wuth the project, the rumours are still alive.
So, reiterating his previous statement, Akshay has again clarified that he is not doing the movie.
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"I haven't signed anything (and) I don't know anything about it. So it's better you ask to her only."
Divya has earlier directed "Yaariyan" and "Sanam Re" featuring youngsters.
Divya was Akshay's co-star in Anil Sharma's "Ab Tumhare Hawale Vatan Saathiyon" (2004).