The actor will join Aamir Khan and Katrina Kaif in the third instalment of the action film series, reports Mumbai Mirror.
"Rani might be seen in a role similar to Aishwarya Rai in Dhoom 2," a source explained. "In Dhoom 3, Aamir is playing the villain and Rani shares a fabulous rapport with him. In fact, she had once mentioned on a chat show how Aamir had been her best co-star among all Khans."
The actors have earlier worked together on historical epic Mangal Pandey: The Rising and a special appearance in Mann.
Mukerji has not had a film release since No One Killed Jessica this time last year.
The project sees the return of Abhishek Bachchan and Uday Chopra, who revealed last year that this would be his last film in an acting role.
Dhoom 3 is expected to release in 2013.