Daily Times newspaper said the announcement was made "only after acquiring the requisite permission from the city government to screen their epic".
The Indian classic "Mughal-e-Azam" had been released in Lahore along with "Taj Mahal" and "Sohni Mahiwal". But the event was marred when veteran Bollywood actor-director Feroz Khan made disparaging remarks about Pakistani Muslims, leading to President Pervez Musharraf ordering a ban on his entry into the country.
The Karachi premiere of "Mughal-e-Azam" will be at Nishat Cinema on June 25 Sunday, followed by a general release in cinemas across the city on Friday, June 30.
The 1960 classic, being shown in cinema theatres here for the first time after 44 years, did not do too well in Lahore, where the public response was lukewarm, according to media reports.
On Wednesday, the organisers issued a statement saying that Sridevi and her husband, film producer Boney Kapoor, would be in Karachi Saturday.
Sridevi starred opposite Amitabh Bachchan in "Khuda Gawah", a film that was extremely popular in Pakistan, with its cassettes and CDs sold in black, partly because the two portrayed Pathan lovers.
Sridevi is known for memorable roles in films such as "Mr. India", 'Chaalbaaz" and "Chandni". Boney Kapoor's last hit was "No Entry", which starred Salman Khan, Fardeen Khan and Anil Kapoor.