Feroz was admitted to the Intensive Care Unit (ICU) of the hospital Tuesday.
"Mr. Khan is now stable and he is feeling much better. He has also been shifted from the ICU to his room. He is doing quite fine, " Rajkumar Tiwari, Feroz's manager, told.
When contacted, the hospital authorities refused to comment.
However, his niece Farah Khan Ali, daughter of his brother Sanjay Khan, confirmed the state of his health saying: "He is fine and he is out of ICU."
According to media reports, Khan had been suffering from cancer for sometime and had been admitted to the hospital after it aggravated. However, Tiwari refused to divulge details on the actor's ailment.
"I don't know if it was cancer or not. And I can't even talk about the department or doctor under whose observation Mr. Khan was. As for details regarding when he would be released, we would know that towards the evening today (Friday), " said Tiwari.
The actor-producer's son Fardeen, daughter Laila Khan Rajpal, Sanjay and others are all attending to him at the hospital, said Tiwari.
Feroz has been working in Bollywood since 1960. In his more than four-decade-old career, he has starred in films like "Jaanbaaz", "Qurbani" and "Dharmatma". Recently he featured in films like "Janasheen" and "Welcome".