The song is composed by Ismail Darbar and will be choreographed by Saroj Khan.
Ghai's banner Mukta Arts has invited entries from girls between the age group of 18-30 from all over the country.
Interested candidates are required to send in their photographs and a one minute-long dance video to admukta@gmail.com. The last date for sending the entries is Nov 15.
The entries will be judged by Ghai, Darbar and Khan. The shortlisted girls will be called for live auditions to Mumbai where one finalist will be chosen, said a statement issued Monday.
The lucky girl may also bag an opportunity to play a lead role in a forthcoming venture of Mukta Arts.
"Kaanchi" features Kartik Tiwari and Mishti in the lead roles. The film also features Rishi Kapoor and Mithun Chakraborty.