There were reports that Katrina Kaif might feature in the "Tanu Weds Manu Returns" helmer's next opposite the 50-year-old "Fan" star.
When asked if Kaif has been signed for the film, Rai told reporters, "Well, I am working on the film. It is a love story. It is a very important film for me as a director and it will take little more time than what I was expecting and I am working on it."
The romantic comedy features Abhay Deol, Diana Penty, Ali Fazal and Jimmy Shergill.
Rai said today makers are going for strong content driven films so as to fill the huge gap when there was a phase of films coming out with no sense of story.
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"Even when I was not making films I used to feel we are cheating our audience in the name of stories. We promise them a story but we never give them, we either give them a set up or a star.
Produced by Rai and directed by Mudassar Aziz, the film also features Momal Sheikh.