Arjun and his actor uncle Anil Kapoor are on board for the movie, which will be directed by Anees Bazmee.
Sonakshi and Arjun reportedly began dating each other in 2014 while shooting for "Tevar" but parted ways last year after the film releasd.
There have been reports that the 29-year-old actress decided to not do the film due to her equation with Arjun, while there have also been rumours that she was unhappy with her role.
"People have a habit of cooking up stuff (stories). But I don't think I need to clarify things to anyone."
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Names of actresses like Parineeti Chopra, Diana Penty and Athiya Shetty (Arjun's current rumoured gilfriend) have cropped up for the film but the makers are to yet to lock the leading lady.
The film is produced by "Shaukeen" fame producers Murad Khetani and Ashwin Varde. The movie was earlier supposed to be directed by Milap Zaveri. Things, however, didn't work out and Bazmee was roped in.