Kabir has earlier directed Katrina in "Ek Tha Tiger". "Phantom" is an action-thriller, said a source close to the project.
"This time, we have put our belief in Kabir Khan and we are pleased to work with Saif, Katrina and Kabir for the first time," Nadiadwala said in a statement.
After "Ek Tha Tiger", Kabir continues to shoot at locations which are difficult and real. For "Phantom", he has shot some parts in Beirut.
SRK-Gauri anniversary: B-Town stars and their non-filmi better halves
Birthday special: Popular mothers and daughters in Bollywood
Spotted: 'Kaabil' star Hrithik Roshan with dad Rakesh Roshan
'Rock On 2' trailer launch: Farhan, Shraddha enthrall audience with live gig
Photos: Deepika Padukone, Sushmita Sen with daughters at Mumbai airport