The film, titled Jhoom Barabar Jhoom, will feature Chelsea stars such as Frank Lampard and John Terry.
The film is about the life and loves of Rikki, a Chelsea fan living in London and going to watch his heroes each week. Rikki is played by Abhishek Bachchan.
Producers Yash Raj films are in talks with Chelsea about getting some of the players and manager Jose Mourinho to make cameo appearances in the multimillion pound film. It will be released globally in the spring - when the club hopes it will win a third successive Premiership title.
Chelsea's business affairs director Paul Smith said: "We are delighted to be involved in a Bollywood movie and we take it as a big compliment to be approached with this storyline and to be associated with this calibre of actors and actresses.
"We have been looking at ways to reach out to the Brit-Asian community and play a leading role by involving them more in football. We already host the Asian Cup final and we are now sponsoring a major Asian community award in London."
Smith added: "We are also looking to Asia, particularly India, as part of the strategy of extending the Chelsea brand into new markets. The strategy is focused on media and the power of communicating the club's image. Nothing compares with the glamour and appeal of Bollywood and its stars."
The film was shot in London this summer and features Amitabh Bachchan, Shah Rukh Khan, ex-Miss World Aishwarya Rai, Preity Zinta, Bobby Deol and former Miss Universe Lara Dutta.
The cast also includes British Asian actors such as Ameet Chana, Meera Syal, her teenage daughter Millie Bhatia and Chelsea owner Roman Abramovich.
Abhishek Bhachchan told the Evening Standard, a local evening tabloid: "I'm a big Chelsea fan. I get all the games taped for me in India and watch them when I come home from the film sets.
"I love the sport and admire the pressure they perform under, week in and week out. One of my favourite players is John Terry and it has been great to see Chelsea live. London is great city and we love to make films in great cities."