Shutting down the rumours surrounding the star cast of the film to rest, Viacom 18 movies' CEO Sudhanshu Vats made the announcement on Twitter.
"With @deepikapadukone, @RanveerOfficial & @shahidkapoor in the lead, we are surely excited about @RealPadmavati," he wrote.
In another tweet he mentioned that the film will be co-produced and distributed by VIACOM 18 Motion Pictures.
He has also confirmed that it will hit theatres next year.
"Delighted to announce that @Viacom18Movies and #SanjayLeelaBhansali are joining hands to release the magnum opus @RealPadmavati in 2017.