The untitled project is being directed by Sanjay Chhel of 'Khoobsurat' fame.
They last shared screen space in Rajkumar Santoshi's Damini that released in 1993.
"For this film I had written both the characters with them in mind... Once they heard the script, both of them readily agreed and the best part is both are super excited to work with each other... It's a lethal combination of two different schools of acting, two different life styles and value systems," Chhel said.
The makers are still looking for a male and female lead where the girl will play Paresh Rawal's daughter and the boy will play Rishi Kapoor's son.