There had been a lot of buzz around the film ever since Ghai first announced it in 2013.
There were reports about director Sanjay Leela Bhansali acquiring the remake rights and planning to cast Ranveer Singh, but he eventually dropped it.
Ghai too rubbished the speculation of the inclusion of Tiger, 26, who is the son of Jackie Shroff.
"We haven't signed Tiger Shroff as it is being rumoured. We are still waiting to complete the script and will take a call only after that. I know there is a lot of excitement about the project and the script is amazing," he said in a statement.