Sippy's film will have the remixed version of the song that was picturised on Zeenat Aman for the 1971 hit "Hare Rama Hare Krishna".
"Dev Anand has finally given his blessings to the team of 'Dum Maro Dum'. Once he realised what Rohan Sippy...wanted to do with his cult song 'Dum maro dum', he was more than happy to give Rohan Sippy the rights to remake his song, " said a statement from the film's publicist.
"The remixed version of the song (being done by Pritam), is supposed to be young and contemporary, so that today's generation too can relate to the song."
Co-produced by Fox Star Studios and Ramesh Sippy, the action-thriller stars Abhishek Bachchan, Bipasha Basu and Telugu star Rana Daggubatti in the lead. Aditya Panscholi and Pratiek Babbar also feature in pivotal roles.
Industry insiders claim that top actresses like Kareena Kapoor, Katrina Kaif, Priyanka Chopra, Deepika Padukone and Sonam Kapoor are being considered to fill in Zeenat Aman's shoes in the new version of the song.