The film is to be directed by Bhardwaj's associate Honey Trehan, and will be co-produced by Bhardwaj, Prerna Arora and Arjun N Kapoor.
Deepika will play the mafia queen Rahima Khan, popularly known as Sapna didi. Irrfan will be seen as a local gangster who is in love with her and helps in her mission to eliminate Indian don Dawood Ibrahim.
The film is based on one of the chapters from former investigative journalist-turned-author S Hussain Zaidi's book "Mafia Queens of Mumbai". Bhardwaj has purchased rights to the chapter.
Arora said in a statement: "We are producing the film along with Vishal ji, who is one of the finest directors in the country. We are looking forward to this collaboration."
On getting Deepika and Irrfan together, she said: "We are working together on this untitled venture."
Trehan has been a part of Bhardwaj's life for long.
"Launching him as a director after Abhishek Chaubey gives me deep joy. He will make a fine director. Deepika has been asking me to write a script for her for a long time. She heard this script and loved it. We are in an advance stage of discussion with her," said Bhardwaj.