The yet to be titled film will be directed by Sajid Khan. This will be Sajid's second collaboration with Bhagnani after Himmatwala.
"It is a different kind of comedy film and completely original," Bhagnani said.
It will be for the first time that Saif and Riteish will act together in a film.
Jacqueline has worked earlier in three films - Aladin, Jaane Kaha Se Aayi Hai, Housefull 2 - with Riteish and will be working for the first time with Saif.
"We will start shooting for the film this year and release it next year," Bhagnani added.