Addressing reports that Abbas-Mustan won't be directing the third movie in the thriller series, Taurani said: "This is not true. In fact, the film is in its scripting stage right now. We have not finalised anything as of now.
"We have still not decided the star cast of the film, location or who will be directing it. So, right now it's too early to comment on this."
"Race" movies have had high budgets and an ensemble cast. Its third instalment will raise the bar, Taurani assured.
He said: "'Race 3' will certainly have a multi-star cast like its previous instalments. But we are taking our own time with the scripting because we want to raise the bar with 'Race 3' as both 'Race' and 'Race 2' have been successful.
"We will lock the script in the next three months, and according to the availability of the stars' dates, we will start rolling (the cameras for it). We are approaching well-known celebrities fro 'Race 3'."
While "Race" was released in 2008, its sequel released in 2013.