The Tees Maar Khan star will be seen with Khan for the first time in her career, Mumbai Mirror reports.
According to a source close to the Andheri-based production house: "Katrina was the first choice for the heroine's role in Yashji's film. She immediately said 'yes' to the film. She has loved the script and is looking forward to working with Yashji. She will play Shah Rukh's romantic interest."
Chopra, whose last release Veer Zara came out in 2004, has been planning to make a new film for a number of years.
The source added: "Obviously, the film will be a love story. Yashji is a master of romance. There is no reason why he will not generate and extract great chemistry between Shah Rukh and Katrina."
Chopra received an honorary degree from SOAS, University of London in 2010, and was selected for the Outstanding Achievement In Cinema at the UK Asian Awards.