"Deepika is doing the film. Ranveer in all probability is also going to be part of the film," sources said.
Ranveer has refrained from talking about the film. Sources close to him have also neither confirmed nor denied the news of him doing the much talked about film.
The period drama is the epic saga of Rani Padmavati and Deepika will be seen in the titular role. Ranveer is likely to enact the role of Alauddin Khilji.
There are speculation that Shahid will play the role of Deepika's husband. Earlier, names of actors like Vicky Kaushal and Fawad Khan had also cropped up for the role.
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After Bhansali approached Shahid with the film, there were reports that all was not well between the "Bajirao Mastani" helmer and Ranveer.
There were rumours that Bhansali has decided to replace Ranveer as he had asked for script narration, but nothing official has come out so far from the makers.
The film will go on floors next month and is set to release next year.