The Lamhe actress is said to be playing a lead role in a project produced by R Balki and directed by Gauri Shinde.
A source for Mumbai Mirror commented: "Balki and Gauri have worked very hard on this subject for the past few months and are now ready to roll. [Sridevi] loved Balki and Gauri's film offer. She requested all her friends and relatives to keep it under wraps."
The Mr India star is also reported to have started fitness training in preparation for the role: "Sridevi is very excited about her comeback. She has hit the gym and is regularly going to a nutritionist to get into shape," the source added.
Filming on the as-yet-untitled project will commence in April.
