Ranveer, 30, took to Twitter to share the video in which he is seen dressed in white suit with long hair, emulating the Pakistani singer-songwriter Taher Shah.
"I may never be able to outdo it... But I can at least try... Only for you @iHrithik because I love ya! #eyetoeye," the "Dil Dhadakne Do" actor wrote.
Earlier, on Ranveer's birthday, Hrithik had wished the "Gunday" actor and asked him to outdo the video of the 2013 song.
"Eye to Eye", which became popular for its absurd English lyrics, shows Shah swaying to the song while singing and blinking coyly at the screen.