Officials in the Information and Broadcasting ministry confirmed that a decision has been taken and an official announcement can be made soon.
Khanna had gained much fame after he played 'Bhisham Pitamah' in iconic tele-serial 'Mahabharat' and then gained immense popularity especially among children for his role in 'Shaktimaan'.
The CFSI promotes films that provide wholesome entertainment for children.
With a catalogue of 250 films in 10 different languages, CFSI remains the prime producer of children's films in South Asia. It also organises film screenings across the country, reaching out to approximately four million children annually, as per its website.