Hi Mukesh,
This can be achieved using a trick in the MPLS for associating the routes attached to a VRF to a particular next hop.
Router(config)# ip vrf RED
Router(config-vrf)# rd 400:1
Router(config-vrf)# route-target import 400:2
Router(config-vrf)# route-target export 400:2
Router(config-vrf)# bgp next-hop loopback 10
Using this the routes will see the tail end routers loopbck IP as the next Hop.
Now in case of MPLS tunnels you may have to enable targetted LDP,between the two PEs,this will help in assigning label to the next hop PE's loopback address.You can enable tldp by using mpls ip in tunnel interface.
interface Tunnel100
description *** TE Tunnel to PE2 ***
ip unnumbered Loopback0
mpls ip
tunnel destination 10.10.10.2
tunnel mode mpls traffic-eng
tunnel mpls traffic-eng path-option 1 explicit name VRF_TEST_TRAFFIC_to_PE_2
tunnel mpls traffic-eng path-option 2 dynamic
tunnel mpls traffic-eng record-route
Similar configuration should be done on the remote PE2 for next hop as PE1.
Hope it helps!