The Nelson and Kuvera Sivalingam-directed project explores the cult of fandom surrounding the Kochadaiyaan actor.
"The film is our homage to Rajinikanth. It is a comedy about a Japanese guy who wants to become the next Indian film superstar, just like Rajinikanth," Nelson Sivalingam - one half of the director duo - told Digital Spy.
"We are currently in post-production and the film should be releasing in the summer," he said.
The East London filmmakers went on to speak about recently meeting the veteran star, at the international launch of his new animated film.
"To be honest, we are absolutely speechless," Nelson added. "We've grown up on his films and he's one of the reasons why we're in films. It is enlightening to see a man of his stature deal with success in such a simple and humble way."
Barking Mad Productions' The Rajini Effect is expected to release later in the year.
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