Varma, who has often made snide comments on Johar's cinema, took to Twitter to share his feedback on the trailers of SOTY, which marks the acting debut of Varun Dhawan, Alia Bhatt and Siddharth Malhotra.
"'Student Of The Year' truly, really and honestly looks like it's the best film of Karan Johar and the bestest film of Indian cinema ever. I love the sheer, never-before-seen imagery and the extraordinary originality and even more extraordinary directorial brilliance.
"I don't know about 'Student Of The Year', but I would want to be a student for life of Karan Johar's cinema," added the maker of movies like 'Bhoot' and 'Sarkar'.
He went on to compare Johar's work with that of Hindi film industry stalwarts.
"I rate Karan Johar far far more higher than Mehboob Khan, V. Shantaram, Raj Kapoor, Guru Dutt and Bimal Roy. Kudos to Karan Johar for making Varun Dhawan make me forget Shah Rukh Khan
"'Kuch Kuch ho gaya mujhe 'Student Of The Year' trailer dekhte dekhte'. I strongly feel 'Student Of The Year' will break the records of '3 Idiots'," he further wrote.
While SOTY releases Oct 19, Varma's 'Bhoot Returns', the sequel to the 2003 movie 'Bhoot', is set to hit screens Oct 12.
Photos: Katrina Kaif, Shamita Shetty at Mumbai airport
Photos: Varun Dhawan, Alia Bhatt promote 'Badri...' on 'Dil Hai Hindustani'
In pictures: 15 facts about kissing that will surprise you
Photos: Shahid Kapoor and Mira Rajput at cafe in Bandra
Photos: Deepika Padukone, Neha Dhupia and Soha Ali Khan at event