The actor was last seen playing a similar role in the hit Tees Maar Khan.
A source told Hindustan Times: "Akshay's role as a conman in Tees Maar Khan was very convincing, the audiences seem to have liked it. He has the knack of understanding his characters well.
"And looking at the way Special Chabbis is turning out, he's ready to deliver another hit."
The film is based on a real diamond theft committed by 26 men in broad daylight in a Mumbai jewellery store.
In March, the star admitted that his recent film projects had proved unpopular with cinema-goers.
He had previously complained about actors being treated like "racehorses" by filmmakers.