The film will be produced by T-Series chief Bhushan Kumar.
"We are making a superhero film with Saif Ali Khan and Milan Luthria will be directing it. We are extremely happy about the project and delighted to have Saif and Milan on board," Kumar told PTI.
Saif had earlier teamed up with Luthria for his debut film 'Kachche Dhaage' (1999).
The makers are yet to finalise a leading lady opposite Saif.
"It will be a different kind of a superhero film. We are creating a unique comic world of superhero. It is a comical world," said Kumar.
When asked if the film would be on similar lines as superhero films like 'Ra.One' and 'Krrish', Kumar said, "Our superhero is not like 'Ra.One' or 'Krrish'... It is very different. I can't reveal too much."
The film will go on floors in February 2013.