Producer Ramesh Taurani, who is backing the project through his Tips Industries Limited banner, took to Twitter on Thursday to welcome Bobby on board.
"Welcome to the family Bobby Deol. Salman Khan, Jacqueline Fernandez. 'Race 3' Eid 2018," Taurani tweeted.
Bobby replied: "Let's race along Ramesh Taurani... It feels great to be a part of the team! 'Race 3'."
Bobby was last seen on screen in actor Shreyas Talpade's directorial debut "Poster Boys" alongside his brother Sunny Deol.
While directors Abbas-Mustan directed the first two films, ace choreographer-filmmaker Remo D' Souza has been roped in to don the director's hat for the third instalment in the franchise.