Bhatt, who directed the original and the third instalment of the franchise, says the cast is yet to be finalised.
At the promo launch of "Happy Journey", when asked if he is directing "Raaz 4", Vikram said, "Yes, I am. We are still working on the script and the cast is also not decided yet."
While the first "Raaz" featured Dino Morea, the second and the third films had Emraan Hashmi in the lead role. In terms of female leads, Bipasah Basu featured in the original and the third part, while Kangana Ranaut joined the cast of "Raaz 2".
When asked about the combination of horror and sex in the latest horror flick "Ragini MMS 2", Vikram said: "Horror and sex have always gone together as a genre. It has always been, even 'Raaz' was that."
"I would like to give the credit to the director and the producer here. But of course, Sunny Leone is a part of it, her sexuality does help... didn't help 'Jackpot' though," he added.
Bhatt is currently busy "Creature 3D", said to be a monster science fiction film.