"Will no longer have any problem with my English Vinglish.. can't wait to be directed by Gauri Shinde with the man himself Shahrukh Khan," Alia posted on Twitter soon after Karan announced the new project on the micro-blogging platform on Wednesday.
Karan will co-produce the film under his Dharma Productions along with Shah Rukh's Red Chillies Entertainment and Hope Productions.
"Red Chillies Entertainment... Dharma and Hope Productions are proud to present Gauri Shinde's next starring... SHAH RUKH KHAN and ALIA BHATT," Karan tweeted.
This will be Shah Rukh's first film with Alia, whose debut "Student Of The Year" was co-produced by the 49-year-old. It will be interesting to see the duo star together as while SRK turns 50 in November, Alia is less than half his age.
Both the actors have big films in their kitty as of now. SRK has three films -- "Raees", "Dilwale" and "Fan" -- lined up for release, and Alia, 22, has projects like "Shaandaar", "Udta Punjab" and "Kapoor and Sons" in her kitty.