The upcoming period drama also stars Saif Ali Khan and Kangana Ranaut in lead roles.
The 34-year-old actor heaped praise on his co-stars, calling them "phenomenally talented".
"I am very excited to be starring in 'Rangoon'. Any film with Vishal Bhardwaj is like a precious jewel for me. So, I hope I can give him the character that he needs me to play. That's what I need to do and I am focusing on that," Shahid told reporters here.
There is a lot of buzz around the casting of the film as it brings together for the first time Shahid and Saif, who have a personal history with the latter married to the "R... Rajkumar" actor's former girlfriend Kareena Kapoor.
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Shahid, however, seems to be unaffected by the speculation and only wants to concentrate on his performance.
"So, I am really excited to enter that space and doing this movie and hoping that I am able to do what my director wants from me. That's how I look at it," he said.
Shahid will be next seen in "Shaandaar", co-starring Alia Bhatt, his father Pankaj Kapur and sister Sanah in her Bollywood debut.
The film, directed by Vikas Bahl, releases on October 22.