The film will be directed by Neeraj Pandey.
The 49-year-old actor, who will be collaborating with Pandey for the first time, said he is excited to work with the director.
"I am truly looking forward to playing Chanakya. I've followed Neeraj Pandey's work closely and I know Neeraj will tell this story with the clarity and passion with which it needs to be told," Devgn said in a statement.
Pandey said "Chanakya" is a passion project on which he has been working on for a while.
"I have been developing this film on Chanakya for quite some time now. It's an exciting work of passion for me, and I am sure the audiences will love Ajay in his portrayal of the visionary genius," he said.
The film will be produced by Reliance Entertainment, Friday Filmworks and Plan C Studios.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)