The untitled movie has been scripted by Imtiaz Ali (who also directed Love Aaj Kal) and directed by Homi Adajania (Saif featured in his Being Cyrus).
Set to go on floors in April 2011, it will be shot in New Delhi, London and Spain.
Says Saif, "I was waiting for a script as contemporary and relevant as this is to come my way and it has been worth the wait. The story is romantic, funny and has a great balance of drama and entertainment. I've wanted to do a love story with a modern sensibility and treatment."
About working with Deepika again, the actor-producer says, "I'm looking forward to my pairing again. She has a fantastic role and I think she has grown impressively since Love Aaj Kal and will handle it very well."
Like Imtiaz's earlier movies Socha Na Tha, Jab We Met and Love Aaj Kal they all delve into relationships the writer-director's script explores the various choices of life.
As Adajania puts it, "It's a similar space from where Love Aaj Kal left off and then it roller-coasters from there."
Deepika, who considers Saif her favourite co-star feels she hasn't played shades of a character like this before. "To find a script like this, which is edgy and quirky, had an instant connect for me.
It also marks the reunion of the Love Aaj Kal team, with Saif, Dinoo (Dinesh Vijan) and me. I'm very excited to be working with Saif again, and I hope we can recreate the magic of Love Aaj Kal once again."
Dinesh maintains, "Saif and I have always wanted to develop projects of diverse genres and stories we believe in. We want to take our time and create content that today's well-exposed audience might like. Imtiaz has given us a beautiful story."
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