The film was first made in 1972 by late director Kamal Amrohi and now his son Tajdar Amrohi is producing the remake.
"It is a divine feeling. I cannot define it in words," Meera said in a statment.
"I simply loved Meena Kumariji in the film. It has always played again and again in my mind. I came to India with the dream of wanting to essay the same immortal role some day. And when Tajdar saab gave the nod, I was simply too overwhelmed," she added.
The movie is still in conception stage, said Tajdar and added: "Meera had spoken to me about 'Pakeezah' about three-and-half years ago. She is very passionate about doing it. She is like a little child with a dream, so I gave her the nod.
"It is not an easy film to make. It is a challenge for Meera. To re-erect the same sets, it would cost 20 times more. The kind of costumes, dialogue, the aura, there are several uphill tasks. It will be a huge thing," he added.
Once the director for the movie will is be finalised, the rest of the cast and crew will be put in place.