Directed by Aanand L Rai, the first part of the romantic-comedy-drama was released in 2011 starring Kangana Ranaut, R Madhavan along with Shergill.
The sequel, "Tanu Weds Manu Returns", released last year and garned both critical acclaim and box office success.
When asked about third part in the franchise, Jimmy told PTI, "I think when something becomes a brand, it becomes important for it to come from time-to-time. I understand that. But talking about Aanand and Himanshu (Sharma), they are the kind of directors and writers who will just not make it for the sake of making it."
The 45-year-old actor also feels that today there is a huge focus on content-oriented films, especially in regional cinema which is changing rapidly.
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"Content has undergone a huge change. Earlier, mostly masala films were made, with very few films being made on sensitive topics. Otherwise there were only run-of-the-mill films. Today, films are being made on new concepts starring newcomers and are doing well too," he opined.
The "Madaari" star will be next seen in "Happy Bhag Jayegi" also starring Abhay Deol, Diana Penty, Ali Fazal among others. The film has been helmed by Mudassar Aziz, who last directed the Sushmita Sen-starrer "Dulha Mil Gaya" in 2010.
Jimmy says the big and only requirement for him to prepare for a role is to go out and completely "enjoy" it.
"The role was such that it demanded me to just have fun and do it. There was no need to ponder over it or overthink about it. The basic requirement for me was to just enjoy and do it, nothing else," he added.
"Happy Bhag Jayegi" is set to release on August 19.