The upcoming period drama also stars Saif Ali Khan and Kangana Ranaut in lead roles.
The 34-year-old actor heaped praise on his co-stars, calling them "phenomenally talented".
"I am very excited to be starring in 'Rangoon'. Any film with Vishal Bhardwaj is like a precious jewel for me. So, I hope I can give him the character that he needs me to play. That's what I need to do and I am focusing on that," Shahid told reporters here.
There is a lot of buzz around the casting of the film as it brings together for the first time Shahid and Saif, who have a personal history with the latter married to the "R... Rajkumar" actor's former girlfriend Kareena Kapoor.
Shahid, however, seems to be unaffected by the speculation and only wants to concentrate on his performance.
"So, I am really excited to enter that space and doing this movie and hoping that I am able to do what my director wants from me. That's how I look at it," he said.
Shahid will be next seen in "Shaandaar", co-starring Alia Bhatt, his father Pankaj Kapur and sister Sanah in her Bollywood debut.
The film, directed by Vikas Bahl, releases on October 22.
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