Rishi and Ghai worked together in 1980 hit "Karz", in which the curly-haired star mesmerised girls with his "Om shanti om" dance steps.
Now at 60, Rishi will be instructed by choreographer Ganesh Acharya for "Kaanchi" song. He is shooting in the Film City on a huge set, said a statement.
The music of the film is composed by Ismail Darbar and Salim Sulaiman. The lyrics are written by Irshad Kamil.
"Kaanchi", which also stars Kartik Aryan and newcomer Mishti, is set for a Dec 6 release.