Bolly updates : SRK and his rival Ajay to work together for Karan and Rohit

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'SRK and Ajay Devgn have maintained distance over all these years, so it will be exciting to see what happens when they come together,' the source added.

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Reports suggest that while Karan will produce the film, Ajay's close friend and hit filmmaker, Rohit Shetty, would be directing the yet-untitled project. 'The script is an outand- out masala entertainer loaded with action and comedy, and Rohit is known for his grip on such subjects.

'He would be a natural choice to direct the film,' a source said about Rohit, who has proved his mettle as a commercial filmmaker with hits such as the Golmaal flicks, All The Best and Singham.

According to industry sources, Karan has been trying to unite SRK and Ajay in a film for a while now. 'Karan had first mooted a story idea that would suit the two superstars around six years ago.

But the script wasn't satisfactory and the project was postponed. Ajay and SRK, being busy actors, got occupied with other projects,' one of the sources said.

Karan had the idea of reviving the project with a fresh script when Rohit told the press sometime ago that he would love to direct Ajay and Shah Rukh in a film.

While Shah Rukh and Ajay have never appeared together on screen, they have indirectly collaborated in the past. The 2005 horror flick Kaal, which starred Ajay along with John Abraham, Vivek Oberoi, Lara Dutta and Esha Deol, was co-produced by Karan and SRK.

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In fact, Shah Rukh had even done an item number along with Malaika Arora in Kaal, though he didn't share screen space with Ajay in the film. Right now, Rohit is busy wrapping up the action-comedy, Bol Bachchan,which stars Ajay Devgn.

After the film releases in July, he is scheduled to start the thriller Chennai Express with Shah Rukh.

The new film that will feature both the actors can take off only in the second half of 2013.

Rest of the cast and crew of the film will be decided once Karan and Rohit lock the script.