The two actors have signed for producer Ravi Chopra's next film, "Bhootnath,'' a story of a friendly ghost. Bachchan is expected to play the ghost's character.
Rumours of a bitter rivalry between the two have been fuelled by media reports that Khan was not invited to last week's high-profile wedding between Bachchan's son, Abhishek, and actress Aishwarya Rai.
However, both men have brushed off speculations of a feud.
The Asian Age newspaper quoted Chopra as saying that the two actors were very keen to work together, and "kept calling me to know when the other was free.''
Khan, 41, one of Bollywood's biggest heartthrobs of the past decade, has been seen as trying to step into veteran actor Bachchan's shoes in the Hindi film industry.
He replaced Bachchan, 65, as the host of the most popular television show in Indian history, "Kaun Banega Crorepati,".
His latest movie, "Don,'' was a remake of a major 1970s hit that starred Bachchan. Khan and Bachchan have worked together in several films including last year's hit Kabhi Alvida Na Kehna.