Filmmaker Anurag Kashyap confirmed the news on his Twitter page Wednesday.
"Give it up for the Big Shot of #BombayVelvet Johnny Balraj. First look out tomorrow @foxstarhindi @fuhsephantom," Kashyap tweeted.
Based on Gyan Prakash's book Mumbai Fables, the film explores Mumbai in the early 1950s and 1960s. Ranbir will be seen as a boxer and street-fighter Johnny Balraj.
Also starring Anushka Sharma, Karan Johar, Kay Kay Menon, Manish Chaudhary, Siddhartha Basu and Remo Fernandes, the film is jointly produced by Phantom Films and Fox Star India.
Karan Johar, who is making his acting debut with the film , is said to be playing a villain.
"Bombay Velvet" is scheduled for theatrical release May 15.