Fakhri is the latest actress to be linked to one of the lead female roles in the sci-fi film, reports Mumbai Mirror.
"Nargis really loved the script. The modalities are being worked out. It looks like Rakesh Roshan has finally found his heroine," said a source.
Jacqueline Fernandez is said to have lost out on the part after refusing to kiss actor Hrithik Roshan.
"This is a bold role. And Nargis does not have any qualms about wearing a bikini or being intimate with Hrithik on screen," the insider continued.
"Her physicality suits the character perfectly. This is exactly what Fernandez was supposed to do."
The film is expected to start shooting in early 2012.