Karan, who will be co-producing the film under his Dharma Productions along with Shah Rukh's Red Chillies Entertainment and Hope Productions, announced the news on micro-blogging site Twitter on Wednesday.
`Red Chillies Entertainment... Dharma and Hope Productions are proud to present Gauri Shinde's next starring... SHAH RUKH KHAN and ALIA BHATT,` Karan tweeted.
Earlier this week, Shinde, wife of filmmaker R. Balki, had shared that she's ready to be back in action to work on a script, which is "almost" ready.
"Yes I am making my next film script done... well almost... going on the floors soon. Looking forward to be back in action," Shinde posted on Twitter on Monday.
Her directorial debut, the 2012 entertainer "English Vinglish", which marked the comeback of Sridevi onto the big screen, found critical acclaim as well as the audience's love for telling a poignant tale of a woman who learns English in the quest of 'fitting in' the life of her husband and children.
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.
