Director Rajkumar Hirani is busy working on the biopic, starring Ranbir Kapoor in the lead role.
"I don't think the biopic should be made. He is very much around and will be coming back as a hero to films. So, what is the need? He has had an interesting life and everyone knows about it," Gupta said in an interview here.
The "Shootout at Lokhandwala" director has ruled out an appearance in the film.
"There will be no character of mine in the film. I want to be the hero and not hero's friend," he said in a lighter vein.
Gupta, however, thinks Ranbir is apt to portray young Dutt.
"Ranbir will look the part at a certain level. Young Sanju had so much innocence on his face, which is there on Ranbir's face. And Ranbir is one of the best actors we have today who can pull off anything," he said.
Dutt and Gupta have collaborated on films like "Aatish", "Jung", "Khauff", "Kaante", "Zinda", "Plan", "Dus Kahaniyaan" and "Shootout at Lokhandwala".
"Once a script comes, we will work. I am dying to work with him again, we have had a fabulous association," he said.
As of now, Gupta is looking forward to the release of his film "Kaabil", starring Hrithik Roshan and Yami Gautam.
Produced by Rakesh Roshan, the film opens in theatres on January 25.