The film will be directed by Deepak Tijori, who also helmed the 2005 original about three deaf, dumb, and blind men.
"I am doing a film called Tom Dick and Harry part 2. It is a 'Golmaal' film genre comedy. It's a fun script and I am playing a deaf character in it. I had also done a similar play called 'All The Best' so I know this character very well," Sharman told PTI.
The film also stars Aftab Shivdasani and Jimmy Sheirgill. Sharman has starred in several hit comedy films like "Golmaal", "Dhol" and "3 Idiots".
The 36-year-old actor says it will be "fun" returning to comedy after a long time.
"I'll start filming in August and release will be next year. I am looking forward to it. It's been a long time since I've done a comedy. So doing it after a long time should be fun."
Sharman will also team up with his "Hate Story 3" director Vishal Pandya's next, "Wajah Tum Ho" in which he is playing a police officer.
"It is the first time I am playing a cop. It's a great part that Vishal had written. I'll be mouthing very interesting one liners in the film," Sharman said.
The "Rang De Basanti" star will be next seen in the horror "1920 London". Directed by Tinu Suresh Desai, the film also stars Meera Chopra and is scheduled to release on May 6.