According to DNA India, Arjun was involved in a social media interaction via a Helo live session where he spoke about the ongoing lockdown and how he's staying in shape etc. In addition to all that, the actor said this:
"I would love to do Hera Pheri with Ranveer and Paresh Rawal. Similarly, Main Khiladi Tu Anari is another film that I would love to remake with him."
Now, you might be thinking that "Isn't a Hera Pheri 3 on the cards? So, why are we talking about a remake?". Well, despite an official announcement along with Total Dhamaal director Indra Kumar expressing excitement about helming the next chapter of Raju, Shyam and Baburao Ganpatrao Apte, Suniel Shetty reported that everything is on hold. According to Hindustan Times, he said,
"Everything is on hold for now. The film’s team intends to make Hera Pheri 3, but some differences need to be ironed out. The film is a big hit on television as well as in the meme world and we are all aware of the anticipation among the audience for the film."
So, when something like this happens and the filmmakers have already announced a project and it's not going anywhere, they tend to reboot it. And, personally speaking, I wouldn't mind a remake with Ranveer and Arjun in the mix. Their first theatrical outing, Gunday, was a disaster largely because of the shoddy script. But they undoubtedly had chemistry which can be brought out in a story like Hera Pheri.