There were reports that the 43-year-old "I Am" helmer is in talks with Basu, who will produce the film this time as he currently busy with Kishore Kumar biopic starring Ranbir Kapoor.
Onir is busy with his first romantic film 'Veda' loosely based on William Shakespeare's play Hamlet.
"No Metro 2, but Hamlet for sure!," Onir posted on Twitter.
The starcast of 'Veda' is not yet decided.
"Life In a Metro" narrated the individual lives of nine people living in Mumbai and dealt with issues like extramarital affairs, sanctity of marriage and love.