David, known for comedies like "Biwi No.1", "Haseena Maan Jaayegi" and "Partner", is said to be working around the concept, said a source.
"He is extremely excited as he feels Varun is a fantastic dancer and will add to the video's appeal," the source added.
If the song is canned, it will mark father-son's professional bonding.
Currently the 24-year-old is in the midst of promotions of SOTY, which hits the screens Oct 19.
Meanwhile, David Dhawan plans to release "Chashme Buddoor" in February. It features Ali Zafar, Divyendu Sharma and Siddharth, with senior actors like Rishi Kapoor and Anupam Kher.