Directed by Anu Menon, "Waiting" features Naseeruddin portraying the character of an old-school Philosophy professor while Kalki, 32, plays a modern advertising professional.
"The thought of working with Kalki was delicious and I have to say she is utterly fantastic. She was absolutely the right choice for this part," Naseer said in a statement.
The film chronicles the story of both the characters who grapple with grief.
Shiv and Tara strike an unlikely friendship when they meet each other in a hospital while nursing their respective comatose spouses.
"Waiting" is scheduled to release on May 27.