Other Indian actors who figure in the museum are Amitabh Bachchan, Aishwarya Rai and Shah Rukh Khan.
Salman topped the poll to decide the next Bollywood icon at Madame Tussauds, prevailing over the likes of Madhuri Dixit (who finished second), Hrithik Roshan, Lata Mangeshkar, John Abraham and other leading lights of the Indian film industry.
Madame Tussauds conducted the poll over the summer with British Asian entertainment magazine Ikonz and the BBC Asian Network. Over 10,000 votes were received for the 10 Bollywood personalities in the fray.
The order in which the 10 ranked in terms of votes were: Salman Khan, Madhuri Dixit, Hrithik Roshan, Rani Mukerji, Karan Johar, Kajol, Lata Mangeshkar, Abhishek Bachchan, Priyanka Chopra and John Abraham.
A spokesperson of Madame Tussauds said that Salman has agreed to sit for Madame Tussauds sculptors in Mumbai. The figure will be officially unveiled early 2008 but a final date is yet to be confirmed.
Ben Lovett, PR manager for Madame Tussauds, said: "Over 10,000 fans and visitors voted in our poll, and we're over the moon that Salman Khan is the winner.
The Asian market is critical to our attraction and our association with Bollywood, particularly the launch of Shah Rukh Khan earlier this year, has seen a dramatic increase in the number of Asians, from both the UK and abroad, visiting and enjoying Madame Tussauds.
We hope to build upon this exciting relationship with the unveiling of Salman."
Delighted at the poll results, Salman said: "I am touched and honoured that my fans have chosen me to appear in Madame Tussauds and hope that the figure will bring much enjoyment to Bollywood followers the world over. I very much look forward to visiting in the future and coming face to face with my likeness."
Salman has appeared in over 55 Bollywood films since his 1988 debut, and recently appeared in his first Hollywood film, "Marigold: An Adventure In India", which was released in August 2007.
Considered to be Bollywood's most eligible bachelor, he has had leading roles in some of Bollywood's biggest hits, such as "Saajan" (1991), "Hum Aapke Hain Kaun" (1994), and "No Entry" (2005).
Salman has been nominated for nine Filmfare Awards, winning the Best Debut Actor award in 1990 and Best Supporting Actor award in 1999.
He has also been nominated for two Star Screen Awards and three Zee Cine Awards. He won the 2002 Bollywood Movie Award for Most Sensational Actor, and in 2007 was awarded the Rajiv Gandhi Award for Outstanding Achievement In Entertainment.
Madame Tussauds Studios has been making wax figures for over 150 years. Each figure takes four months and a team of 20 dedicated sculptors to create.
Over 500 precise body measurements are referenced, real head hairs are inserted one by one and countless layers of paints and tints are applied to build up skin tones -- all to achieve the kind of astonishing realism that has kept Madame Tussauds world renowned for over two centuries.