The film titled "Gustakhiyan" will be produced under his banner Bhansali Productions.
"Sahir's pride, poetry and fragility influenced not just me but the entire film industry. He lived with his mother. His love story remained incomplete and the pain he suffered helped him create something magical," Bhansali said in a statement here.
"I feel an affinity to him, he's influenced all my protagonists, right up to Bajirao, none of whom were satiated in love," he said.