The Badmaash Company co-stars have been cast in an untitled romantic comedy together.
"Shahid and Anushka walked hand-in-hand at the party and were seen interacting with other guests. They also went to congratulate Imran [Ahmed] together," a source told Mumbai Mirror.
"The duo were uncontrollable and were on top of each other. It was only when another celebrity guest told them that the media were still downstairs and they could easily be spotted that they decided to come back inside."
However, a spokesperson for the actress described the rumours as "defamatory" and "untrue".
Kapoor has most recently been romantically linked with Bipasha Basu following her split from John Abraham.
Sharma, who dated Ladies Vs Ricky Bahl co-star Ranveer Singh, has denied that she is dating Arjun Kapoor.
Watch a theatrical trailer for Mere Brother Ki Dulhan below: