The project - which is currently shooting in the UK - had earlier been known by the working title 'Project 45'.
The Hindi-English title had been chosen from two potential other names, one of which is said to have been Hum London Mein Mile, claims BollySpice.
Since the reported official title released on Thursday, a London Ishq Twitter handle has appeared on the microblogging site, alongside at least seven Facebook pages dedicated to the production.
Commentators across social media platforms have given a mixed response to news of the title.
Preity Zinta is currently working on her comeback project Ishq In Paris. Karisma Kapoor is also making a return to the film industry with the similarly titled Dangerous Ishq.
YRF has released a number of official images of Khan and Kaif filming in London over the past week. A fan version of a London Ishq film poster has also started to circulate online.
London Ishq is scheduled to release Diwali 2012.