The film, directed by Shivam Nair, also features a cameo of Akshay Kumar, who starred in the 2015 film.
The 29-year-old actress shared the news on Twitter saying she will be playing the lead role first time ever.
"Another adventurous journey begins.... #NaamShabana my first ever title role. Get ready for some serious action," she wrote.
Akshay, who recently came back from Maldives after a family vacation, also took to micro-blogging site to share his excitement, calling "Naam Shabana" to be a unique attempt in the history of Indian cinema.
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"Naam Shabana" is being produced by Neeraj Pandey, who directed "Baby".
In another tweet, Akshay posted a picture of himself on the bank of Ganges by captioning it- "Taking a moment to admire the beauty around... Of the holy Ganges, almost tempted to take a dip, what say?"
Taapsee is currently awaiting the release of her next film "Pink", also featuring megastar Amitabh Bachchan.
The drama-thriler, directed by Aniruddha Roy Chowdhury and produced by Rashmi Sharma and Shoojit Sircar, is scheduled to release on this Friday.
The 49-year-old actor and Neeraj will soon team up for the sequel to "Baby".