The film is based on the popular play of the same name, which was written by KM Chidambaram.
The team is yet to make an official announcement.
The movie is expected to start the shoot in January.
While Mammootty has been selected for the Ruby Jubilee award, veteran filmmaker Hariharan was mentioned for Chalachitra Ratnam award.
Madhu Ambat, jury head, said that it had been a unanimous decision.
Nivin Pauly announced his new project titled Kanakam Kaamini Kalaham.
Over the years, he has grown as a star who can carry a film on his own shoulders.
Meanwhile, the best actress award went to Garggi Ananthan for the film Run Kalyani Run.
More details regarding the film and story are kept under wraps.
Actor Nivin Pauly completed 10 years in Malayalam film industry. It was on this day, 10 years back that Nivin pauly's debut movie Malarvadi Arts Club had released.