"This is fantastic to get an opportunity to pay tribute to cinema and to be together. The fact that I was asked to do the song, I couldn't have asked for more," the 37-year-old said here at a special screening of the film.
The song has as many as 20 screen stars including the Khans - Aamir, Shah Rukh and Saif Ali - as well as Bollywood divas Madhuri Dixit, Vidya Balan and Rani Mukerji.
Sounding philosophical about the project, Vaibhavi said the legends themselves chose her for the task.
"I think this is my first directorial venture because I not only choreographed the song, I also directed and conceptualised the song. I think all the legends sitting up there have chosen me for this because I have been a huge fan of cinema, all the legends, yesteryear's and current stars," Vaibhavi said.
Others who feature in the song are Priyanka Chopra, Farhan Akhtar, Shahid Kapoor, Ranveer Singh, Ranbir Kapoor, Imran Khan, Sonam Kapoor, Deepika Padukone, Anil Kapoor, Sridevi, Akshay Kumar, Karisma Kapoor, Kareena Kapoor and Juhi Chawla.
An anthology, Bombay Talkies comprises four shorts by four filmmakers - Zoya Akhtar, Anurag Kashyap, Dibaker Banerjee and Karan Johar.
Set for a May 3 release, the film will also be screened at the Cannes film fest later this year.