Rampal will be playing the lead role in the film that will be shot from start to finish in London.
Agarwal has earlier assisted cinematographer-turned-director Ashok Mehta in "Moksh" and later worked as associate director to Subhash Ghai during the making of "Kisna".
He said he had been looking forward to working with Rampal for a long time.
"I had known him since 'Moksh' days and we were looking forward to working with each other," said Agarwal.
"It is an important film for both Arjun and me since it marks his production debut and my directorial debut. We are planning to cast a new girl opposite Arjun in the film," he added.
The film will be shot by ace cinematographer, Ashok Mehta, who has become a hot favorite with Rampal after "Moksh".
Not very long ago, Mehta had announced his plans to direct another film with Rampal in the lead but that will probably have to wait now.
"It may happen some day but isn't it time youngsters too got their due? This film is Vivek's brain-child and I wanted him to go ahead and start it right away," Mehta said.
"I See You" is slated to start in the next two months and Rampal is all geared up for his production debut.