The film, titled Ek Tha Tiger, stars the two actors in lead roles.
Yash Chopra commented on the new production: "Everyone knows my association with Salim Saab, having worked together on Deewaar, Trishul and Kaala Patthar. It is a very happy moment for me and YRF to have his son Salman with us for the first time.
"Over the years, Salman has become a very mature and talented actor and both he and the beautiful Katrina have a tremendous connection with their audiences."
Khan, who will be working with the production house for the first time, said: "It is a very ambitious project and will be a challenge for all of us, but that's exactly what makes it such a big draw. Above all this, I'm honoured to be working with Yashji, who has worked so closely with my dad in the past."
The OST to the film will be composed by Pritam, the film company confirmed.
Ek Tha Tiger starts shooting on July and is scheduled for a mid-2012 release.
