Roshan, who recently became the latest Hindi film actor to feature in Madame Tussauds, joins reality TV star Pravesh Rana in portraying an on-screen Hamlet in an upcoming production.
Rana, who will feature in a version of the classic play directed by Tigmanshu Dhulia, spoke about his debut project: "Before I participated in Bigg Boss, I did more than 300 shows as a model.
"Then I was advised to do television serials, but I desisted. I waited patiently for the movie break."
Both versions of the adaptation will use the north Indian state of Uttar Pradesh as a backdrop to the tragic story.
Bhardwaj had earlier drawn from Shakespeare for his earlier hits Omkara and Maqbool.
Sangeeta Datta's current film, Life Goes On, starring Soha Ali Khan, is said to be based on an update of the King Lear story.