In her rich filmography, Rani Mukherji surely holds a dear spot for her first franchise Mardaani, and shed some light on the possibilities of the film.
In a recent interaction, she greenlighted the film's third part and spilled details about the same. 

"I’m crossing my fingers because I would love to play the part of Shivani. When I did Mardaani 2, I was quite nervous because I had never done a sequel before. It’s because I leave my characters behind each time a film gets over and then I don’t know if I will be able to reprise that part again. With Mardaani 2, I was surprised that I enjoyed reprising the part so now I want to reprise it again in Mardaani 3," said Rani, adding that the script for the same is not yet locked. 

The previous sequels of the franchise were released back in 2014 and 2019, which sees Rani as a tough cop  Shivani Shivaji Roy.  

Source: Film Companion