In the film, whose first look was launched last month, Rekha, 59, will be seen playing the role of a mercurial Begum.
Malhotra is a self-confessed fan of the veteran actress.
"Meeting my favourite legendary Rekha this eve for her look and costumes in 'Fitoor'," Malhotra Posted on Twitter.
Malhotra would be working with Rekha for the first time.
In the film, the actress will be sharing screen space with actors Aditya Roy Kapur and Katrina Kaif.
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Helmed by 'Kai Po Che' filmmaker Abhishek Kapoor, the movie is expected to be a story of grand passion, beauty and love.
A modern take on Charles Dickens' 'The Great Expectations', the film will see Rekha playing a character inspired by its famous troublemaker Miss Havisham.