The feature will be directed by Oscar-winning No Man's Land filmmaker Danis Tanovic.
A source told Mid Day: "Emraan has never tried to fit into a conventional stereotype and has always been the one to experiment. Danis is excited to work with Emraan and considers him multi-talented."
Anurag Kashyap Films producer Guneet Monga added: "It will be very interesting to see the combination of an Indian star, who has mass appeal, and an Oscar-winning director in an international film. We are looking forward to a great collaboration."
Tanovic also made the critically acclaimed dramas Triage and L'Enfer.
Hashmi admitted recently that he likes being compared to box-office star Salman Khan.
In May, he said that he was fed up of being called an "underdog" by the media despite his success in Murder and Raaz.