The yet-untitled film will also be produced by Khan, and costars Rani Mukerji.
Khan dismisses speculation about the unlikely collaboration.
"Amol Palekar narrated the script. I liked it. It's a very sweet story."
What isn't known as yet is that the 'sweet story' is actually a ghost story!
Shah Rukh Khan plays a double role in Palekar's directorial venture. One role sees him as Rani's husband and the other, as a ghost.
After his unexpected role in Ashutosh Gowariker's Swades, Palekar's film will give SRK another chance to go beyond his image.
The closest he has come to a ghost was in Chamatkar where Naseeruddin Shah had played a spirit while SRK played a simpleton who comes in contact with him.
Recently, Isha Koppiker and Aftab Shivdasani had played ghosts in Krishna Cottage and Shukriya, respectively.
Interestingly, Palekar had almost finalised Nakul Vaid -- the rookie cop in Shimit Amin's Ab Tak Chhappan -- for the ghost's part before Shah Rukh showed interest in the film.