@gopal_N Apart from the question why you would choose such a setup, it can be done by programming the Arduino as serial gateway and using the ESP8266 as serial-to-WiFi bridge.

@gopal_N I know this is outdated response, I am sorry for long delay(I didn't notice this). I do not know still you are using MyController.org. I have updated serial port driver. This particular issue might be resolved in current build.