The upcoming movie is being produced by filmmaker Karan Johar and will be directed by Shaad Ali, who has earlier helmed "Saathiya", which was the Hindi remake of Ratnam's "Alaipayuthey".
"Honoured to collaborate with Mani Ratnam on the recreation of his labour of love....directed by Shaad Ali," Karan posted on his Twitter page on Thursday.
"Mani Ratnam...Gulzar saab... A.R. Rahman... Shaad and us present Aditya Roy Kapur and Shraddha Kapoor in the official recreation of #okkanmani," he added.
The remake will be directed by Shaad Ali, an erstwhile assistant of Ratnam, who had previously remade his 'Alaipayuthey' in Hindi as 'Saathiya'.
The film will have music by A.R. Rahman, who had also worked on the original and will feature lyrics by Gulzar.
'O Kadhal Kanmani', which marked Ratnam's comeback to romance genre after a decade, was a fresh take on modern day relationships.