"It's not true," Varma told IANS when asked about the rumours.
"I keep getting offers to direct films based on Delhi, but nothing interesting has come across as yet. I don't want to just make a film for the sake of making it. Recently, a prominent producer approached me to direct a film based on hackers in Delhi. But if I make something on the subject, the idea has to be 10 times slicker, sexier and younger than whatever I have made in the past," he added.
"Mickey Virus", released in 2013, features Manish Paul.
Varma says "the plan obviously will be to build a thriller with franchise potential keeping the audience at the edge of their seat throughout".
"I'm still toying with the idea as technology has evolved manifolds and you cannot make anything which is less than extra-ordinary in this space," he added.
In the meantime, he has finished shooting two of films -- "Solid Patels" and "7 Hours To Go". Both projects are now under post-production.