Titled 'Nirbaak', the movie will be produced by Venkatesh Films.
"Finally Sushmita Sen in Tollywood! In our next production with Srijit Mukherji in 'Nirbaak'," Venkatesh Films posted on Twitter.
The 38-year-old former Miss Universe confirmed the news by retweeting the producer's online post.
Mukherji has directed films including 'Autograph', 'Baishe Srabon', 'Hemlock Society' and 'Mishawr Rahasya'.
His last film 'Jaatishwar' starring Tollywood superstar Prosenjit, bagged four honours at the 61st National Film Awards, 2014.