The 1980 film was directed by Rakesh Kumar and had Amitabh Bachchan, Shashi Kapoor, Parveen Babi and Hema Malini in central characters.
Gossip mills are abuzz that director-producer Kunal Kohli will be making the film.
If all goes well, then Abhishek would be playing the role essayed by his father, while Bobby will enact the role of Shashi Kapoor.
The original film saw Big B and Kapoor play the role of thieves.
"Yes Bobby has been signed for Do Aur Do Paanch remake," sources said.
When contacted, Kunal Kohli neither denied nor confirmed the development.
"I am not making any statement on this now... I am not saying anything now," Kunal told PTI.
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