Is Farah Khan reviving 'Happy New Year' which she was originally supposed to make with Shah Rukh Khan? If buzz in the industry circles is to be believed, this is pretty much the case with the filmmaker going completely underground and bringing back the script that was very close to her heart.

Says a close associate, "Soon after 'Tees Maar Khan', Farah went back to the drawing board and wanted to concentrate on the kind of film that audience expect from her. 'Tees Maar Khan' did take a massive opening but many who wanted to see a total masala entertainer didn't hesitate to share this feedback with her."

This is where the script of 'Happy New Year' came in handy as it was one of the first films that Farah wanted to work on before 'Main Hoon Naa', 'Om Shanti Om' and 'Tees Maar Khan' came calling. Since the film didn't happen with Shah Rukh Khan then, Farah is keeping all her options open now.

"What better way for her to go through a script which is already in place and further refine it to make it water tight", he adds, "Over the last three weeks especially, Farah has gone aggressive and is relentless in her slicing and dicing of the script. She is not leaving any corners untouched. She has taken all feedback positively and is now going all out to ensure that she delivers what is expected from her."

When contracted, Farah refused to comment if her script in progress was indeed a revised version of 'Happy New Year' or an altogether new one. "All I want to say is that my new film will have all which is expected of me. The first draft of the script is already through and I along with my writers plan to wrap up the writing part by end of March."

The million dollar question though is - 'Will her new film star Shah Rukh Khan in lead, especially so since he was originally supposed to do 'Happy New Year'?'

"As of now, no one has been finalised for any part," is all that Farah is willing to comment before signing off.