"I have always wanted to work with Anurag and I am glad that I am going to be a part of his biggest celluloid dream yet. I am sure it is going to be an unforgettable experience. Fingers crossed," she said in a statement.
Anushka will be shooting for 40 days in Sri Lanka to complete her first schedule.
Co-produced by Fox Star Studios and Phantom Films, "Bombay Velvet" is set in Mumbai and the story covers 1950s to 1970s. It is the first film of a trilogy on how the city became a metropolis.