You can use the tcp wrapper for this purpose. It is more secure and offers that capablility.
First install the tcp wrapper and then edit inetd.conf to use the wrapper and then create /etc/hosts.allow with an entry like this :
in.telnetd: ??????
where ????? = name of the host you want to have access with telnet.
You can do the same for rsh, rlogin, ftp, etc.
You could also have a .rhosts file in the user directory of the server he wants to connect to.
the format of rhosts is hostname username.
Hope this helps