Choreographer and director Khan makes her debut in front of the camera in the film.
The project sees Irani playing 45-year-old lingerie salesman Farhad, who falls in love with Khan's 40-year-old character Shirin.
The comic love story has released a number of promtional film posters that pay homage to earlier Bollywood hits.
The first posters mimicked Salman Khan's Hum Apke Hain Kaun and Shah Rukh Khan and Kajol's Kuch Kuch Hota Hai.
Farah Khan's acting experience so far has been limited to appearances in the credits of her films, a restaurant customer in Kal Ho Naa Ho and an extended cameo in Kuch Kuch Hota Hai.
Shirin Farhad Ki Toh Nikal Padi releases August 24.
Watch the title track below: