The film will be co-produced by Dharma Productions and Phantom Production.
"Happy to announce the new Dharma-Phantom co-production with Sidharth Malhotra and Parineeti Chopra!" Karan tweeted.
"The film will be directed by ad filmmaker Vinil Mathew. Title to be announced soon," he further posted.
This is Sidharth's second film with Dharma Productions after his debut movie "Student of The Year".
Sidhdarth is excited and tweeted: "Here it is guys, my second film! ...really excited to work with Parineeti Chopra, Phantom and Vinil."
Parineeti was last seen in Yash Raj Films' hit actioner "Ishaqzaade".