It will be helmed by Navdeep Singh, who last directed Anushka-starrer "NH 10".
"Anushka will be part of 'Kaneda'. She will produce and act in the film. We are in talks with Arjun Kapoor," sources said.
Singh has narrated the script to Arjun though he is yet to sign on the dotted line. But it is believed that the "Gunday" actor will be doing the film.
The film's title "Kaneda" is inspired by often-heard Punjabi pronunciation of the country, Canada, according to the insiders.
"Kaneda" will be Anushka's third production after "NH 10" and "Phillauri".
The 28-year-old actress has finished the last schedule of "Phillauri", where she will be seen sharing space with Diljit Dosanjh and "Life of Pi" actor Suraj Sharma.
While Arjun, 31, has two films - "Half Girlfriend" with Shraddha Kapoor and "Mubarakan" co-starring uncle Anil Kapoor.
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