"Speculations in the media of me approaching actresses for my film HEROINE are totally baseless!!!," Bhandarkar posted on micro-blogging site Twitter.
Last week, the filmmaker broke his silence about his film being put on the backburner, and shared the resentment as he felt the truth about Aishwarya's pregnancy was hidden from him.
It was reported that Bhandarkar recently re-approached Kareena Kapoor, the original choice for "Heroine", to do the film.
But his denial has cleared the air.
About the film's revival, he wrote: "Whether I will revive film HEROINE, will decide after consultations with UTV or a fresh film, will surely update u in near future!!!"
The story of "Heroine" takes a behind-the-scenes look at the life and times of a Bollywood superstar.