The Guzaarish star is expected to officially confirm her collaboration with Madhur Bhandarkar at the Cannes Film Festival, reports PTI.
A source for the news agency revealed: "Aishwarya has agreed to be part of the project. Madhur and Aishwarya both will make the final announcement of this project at the Cannes Film Festival on May 13."
Kareena Kapoor had earlier been linked to the film from director Bhandarkar, but later turned down the part.
Speaking of the casting change, the source added: "The main story of Heroine by and large remains the same, though little changes have been made in the script."
2011 marks Rai's tenth appearance at the annual film festival.