"Dedh Ishqiya", the sequel to 2010 film "Ishqiya", is produced by Vishal Bhardwaj and directed by Abhishek Chaubey. Arshad will be seen opposite Huma Qureshi in it.
Asked if he feels he has missed a golden chance of being paired with Madhuri, he said: "I love Madhuri, but I am not paired with her. I am with Huma. I think Madhuri and I would have looked odd."
"We are starting to shoot for the film. It is a very good film," he added.
Madhuri will be seen opposite veteran actor Naseeruddin Shah in the film.
I don't think anyone can replace Aamir'
Bollywood actor Arshad Warsi has denied recent media reports which said that he replaced Aamir Khan in "Chambal Safari". He says there is no replacement for Aamir.
"I don't think anyone can replace Aamir. I don't know if I have replaced Aamir or not, I am not aware if the makers wanted Aamir instead of me," Arshad said in an interview.
About the film, Arshad said: "It is an interesting film and I am really looking forward to it."
"Chambal Safari" is directed by Maqbool Khan, and features Arshad in the role of a dacoit.