Vaswani's Insight Productions will shoot this big budget film in Trinidad and Tobago.
The first Indian film to be shot on the Carribean island may see some known cricket players, including Brian Lara. But Vaswani has brushed aside reports that he was keen to cast Indian cricketer Sachin Tendulkar in a small role as "rumour".
Vaswani who is all charged about the project said: "The film has become the hottest title in the industry and we have been inundated with calls from producers asking us to part with the title."
The film marks the directorial debut of Mudassar Aziz, writer of Tanuja Chandra's "Zindaggi Rocks" and Mahesh Bhatt's "Showbiz".
"Mudassar is keen to work with Sushmita after 'Zindaggi Rocks'. We are planning to meet Sushmita," said Vaswani, who is just back from Trinidad after filming probable locations.
Talking about Sushmita he said: "I have known Sushmita since her first film 'Dastak' which was released 10 years ago. I have been closely following her career since."
If Shah Rukh signs on the dotted lines, he will be featured as a rich Trinidadian millionaire.
It may be recalled that Vaswani had cast Shah Rukh in the early years of his career for "Raju Ban Gaya Gentleman" which was directed by Aziz Mirza. The film was Mirza's directorial debut and made him the most sought after director and also boosted Shah Rukh's career.
Vaswani has written the story of "Dulha Mil Gaya" and describes it as a warm and witty film set in Trinidad that will have many firsts to its credits.
"It is one of the finest stories I have written and will be the most promising directorial debut of 2007, with Mudassar doing the screenplay, dialogues, lyrics and the direction. He is an incredible powerhouse of talent," he said.
Vaswani has decided to release the film in May 2007 and has already struck a deal for international rights of the film.