The film is being written and directed by B Unnikrishnan, with Mohanlal in the lead.
Narain, who was recently seen in Veeraputhran, is doing an important role in the film.
Unnikrishnan has earlier directed the hit film Madambi, which had Mohanlal and Kavya Madhavan playing the lead pair.
The shooting of Grand Master will start during January next year.
Priyamani plays the heroine in Grand Master. Roma is the other heroine in the film.
The cast also includes Jaya Menon, Roma, Sampath, Siddique, Jagathy Sreekumar and Saikumar among others. Deepak Dev scores the music.