Sanjay Suri will be in the main lead and this will be his third film together with Onir after the much-acclaimed 'My brother Nikhil' and 'Bas Ek Pal'.
Onir is in the process of signing other artists and is looking at roping in Boman Irani for a key role. The film would be a romantic story based on adventure sports - a departure from Onir's previous films.
The project will go on floors early next year and will be shot in exquisite outdoor locations, sources said.
While 'My Brother Nikhil' won several awards all over the globe, 'Bas Ek Pal' has been nominated for GIFA awards being held in Malaysia next month and is being screened at the ongoing IFFI in Goa.
Karisma's last film was 'Mere Jeevan Sathi' with Akshay Kumar and Amisha Patel. Her long delayed film 'Zamanat' with Amitabh Bachchan and Arshad Warsi is yet to be released.
Married to Delhi-based businessman Sanjay Kapur, she is the mother of a two-year-old daughter.
Karisma was seen in a television serial 'Karishma-the miracles of destiny' on Sahara television after her marriage. But, the serial did not prove to be hit with the audience.
Earlier this year, actress Kajol who has cut down on her film assignments after marrying to actor Ajay Devgan, was seen on silver screen after three years in 'Fanaa' with Aamir Khan.
Another Bollywood diva Madhuri Dixit is slated to make a comeback in movies in a Yashraj film.