The present study investigated the feasibility of using combination of Cationic and anionic polymers as sustained release carrier for the delivery of high dose gastric acid soluble model drug Paracetamol. Various formulations were prepared using wet granulation technique. Briefly a cooled (4 °C) neutral solution of chitosan (CH) was combined with cooled aqueous solution (4 °C) of anionic polymer such as Gum Ghatti (GG) and Xanthan gum (XG). This polyelectrolyte solution was then used to granulate the model drug Paracetamol. The prepared tablets were evaluated for various pharmacopoeial and non pharmacopoeial parameters viz. Thickness, Hardness, Friability, Weight Variation, Content uniformity and Drug Content. The drug release study carried out in 0.1 M HCl revealed in situ Polyelectrolyte complex formation (PEC) between CH and anionic biopolymers. This in situ PEC formation resulted in sustained delivery of high dose gastric fluid soluble drug Paracetamol. Further, effect of incorporation starch and lactose as tablet diluents on release rate was also studied. It was observed that paracetamol release from lactose granulation was faster than tablets prepared with starch as diluents. From the data generated it was concluded that In situ PEC formation approach has sufficient potential to sustain the release of drugs like paracetamol.