The title of the show has been kept under wraps and a reliable source told that multilingual actor R. Madhavan will be hosting it.
The format of the show is different - a team of four people related to each other will participate and questions will be posed to them based on what they see on television.
"Unlike 'Kaun Banega Crorepati', it won't have individual participants. A team of four family members would be playing the game for each episode," the source added.
A prize money of Rs.10 million will also be given away on the show for which the official announcement is yet to be made.
Basu, head of BIG Synergy, told: "It will be announced in due course. Nothing else to comment for now."
Basu is one of the pioneers of quiz and game shows in India.
In 2000, Basu collaborated with Nair, who is now heading Imagine TV. Together they created history on Indian television by roping in megastar Amitabh Bachchan to host "Kaun Banega Crorepati".
Will the new show also bring a whiff of fresh air to the idiot box? That remains to be seen once the show goes on air in July.