The movie, which will see Shah Rukh in a never-seen-before avatar -- reportedly as a dwarf -- also features Anushka Sharma and Katrina Kaif.
Shah Rukh and Rai engaged in banter over the pending announcement on Twitter. The actor asked the filmmaker about when should the title be announced, and they reached a conclusion to give it out to the fans at 5 p.m. on Monday.
The banter unfolded with a series of sketched images of Shah Rukh and Rai, who have collaborated for the first time for this project.