The road movie also stars Kalki Koechlin, who made her debut opposite Deol in Dev D.
Producer Ritesh Sidhwani from Excel Entertainment said: "At Excel the idea has been to make films that entertain and at the same time offer a new take on cinema.
"Zoya Akhtar's Zindagi Na Milegi Dobara will take the audience on an adventure filled road trip."
The project, which has been primarily filmed in Spain, also features Hrithik Roshan, Katrina Kaif and Farhan Akhtar.
Zoya's second film after Luck By Chance releases May 27 next year.