The movie, being directed by Tarun Mansukhani, is the first film in the series, which is titled "Drive".
Johar took to Twitter to make the announcement about his new project as producer.
"The FRANCHISE FUN begins.... DRIVE directed by @Tarunmansukhani starring @itsSSR and @Asli_Jacqueline starts today!! The first of the series," he tweeted along with a back shot of the lead pair standing beside a high-end sports car.
Mansukhani, whose last directorial venture was 2008 film "Dostana," also expressed his excitement on the project.
"7 years 345 days later... I am back on set," he wrote.
Sushant, also retweeted the photo shared by the "Ae Dil Hai Mushkil" director.