Channel Colors is said to be in talks with the actor but his participation in the competitive show is yet to be confirmed.
"He has been approached by the channel but nothing is confirmed yet," a source from Colors told IANS.
While Priyanka Chopra came on board for one season of "Khatron Ke Khiladi", Akshay Kumar hosted the rest.
`Chennai Express` director Rohit Shetty, also credited with action comedies like `Golmaal`, `Singham` and `Bol Bachchan`, will anchor the forthcoming edition.
The show will have a total of 14 celebrities who will confront their fears by taking part in challenging tasks. "Khatron Ke Khiladi" is likely to go on air in March or April and will be shot in South Africa, said a source.