Titled "Penalty", the movie is based on six young boys, who vent out their passion for soccer by playing in the paddy fields and row grounds.
"The film is about the passion of football. Talk to any successful footballer in India and he will tell you how he has struggled to reach to the top level," said Shankhwalkar, who was captain of Indian football team from 1983 to 1986.
Produced by Goa-based Saima Production, the film has been mentored by Shankhwalkar himself.
"I want that the passion for football among children should increase after watching the film," he said.
To be entirely shot in Goa, the film would be directed by Jitendra Shikerkar while the cast is yet to be finalised.
The plan is to select six fresh faces who know to play football and can also act.
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To be made with a shoe-string budget of Rs 1.5 crore, this film will be released all across Goa and Maharashtra.
The film should be ready before International Film Festival of India (IFFI) 2012, which will be held in November-December in Goa, Shikerkar said.
Rajay Pawar, a veteran Konkani-Marathi writer, has penned lyrics and screenplay for the movie.
"The story is not about the trained footballers who play on big stadiums. It's about school-going kids and their passion for the sports," Pawar said.
During the recent Budget, Goa government declared football as a state sports.
Pawar said the idea of such a film came from Shankhwalkar and Shikerkar much before the government thought of according state recognition to the game.