Priyanka was Vivek's parents Suresh and Yashodara Oberoi's choice and the actor took his time before giving an emphatic yes to match, a statement from the actor's publicist said.
The wedding is set to take place later this year.
"It is a very big day for us and we are extremely happy to see our son settle down. Priyanka for sure is the ideal girl for Vivek and we can't be happier at her inclusion into the Oberoi family," Suresh Oberoi said.
Yashodara said, "I am happy we have found someone as gracious as Priyanka who is a perfect blend of traditional values and modern thinking."
Vivek's publicist, speaking on the actor's behalf said, "He is elated! Overjoyed with the new developments in his life...2010, his 8th year in Bollywood has certainly taken things upwards in his career and personal life. He thanks everyone for all the love, support and good wishes."
Priyanka graduated with a Bachelors degree in Business Administration from Royal Holloway, University of London in 2003. She continued her educational pursuits in multi-dimensional fields of her evolving interests including a non-certified course at the Martha Graham School of Dance in New York and a course in Administration and Fund Raising for Non-Profit Organisations from NYU, the statement said.
The 33-year-old actor was engaged to model Gurpreet in 2002 but the relationship didn't work just like his affair with Aishwarya Rai Bachchan.
Vivek was later linked to Vidya Balan and Prince co-star Neeru Bajwa.