The show kick-starts with a five city audition, including Ludhiana, New Delhi, Kolkata, Bhopal and Mumbai.
Around 120 winners from the regional auditions would be invited to Mumbai and groomed by experts.
The three "Superstars" winners would be selected by the two judges, Singer choreographer Shiamak Davar and Bollywood actress Urmila Matondkar and viewers choice.
The first winner would get Rs one crore and one film contract with Sahara. The second winner would get Rs 50 lakh and third Rs 25 lakh as prize money.
''India is a nation obsessed with Bollywood. Dancing and singing is not only about performing, it's a passion that drives the soul's of many. With our show, we will provide a national platform for the upocoming talents,'' said SaharaOne Television COO Purnendu Bose told in a press conference.
Mr Bose also said that the contestants would be judged on parameters like look, style, acting and dance. This was an opportunity to live our dreams. If somebody looked liked Shah Rukh or some one danced like Amitabh Bachchan. Superstars was the platform for them to showcase their talent.
''The show would encourage mimicry, talent and skills as a performer,'' he added.
Endemol India Managing Director Rajesh Kamat said, ''We are very excited to partner with SaharaOne Television on this special format.
Hindi cinema is the undisputed choice of Indians across the country.
Superstars give us the opportunity to take this passion and combine it with one of our highly successful international formats and produce entertaining shows for Indian audiences.''
Through this show, audiences would be able to connect themselves with the characters. Superstars would redefine the way you look at talent hunts, he added.