He's too well established in Malayalam film industry to search for an opportunity in Bollywood. He has only failed with his Telugu debut as a director & understandable why he didn't try again. He has given bigger hits in Tamil yet chose Malayalam film industry. This is how most people prioritize.
Even Bodyguard, it was the third time he was directing the same story. Quite evident, he only trusts the script written by himself & will not say yes to scripts written by others. In his 34 year long career, not once he has directed a film not written by him. And you know his worth when you see he is the co-writer+co-director of Ramji Rao Speaking, which is the original of the cult Hera Pheri.