The actors, who shared screen space in Eklavya: The Royal Guard, will appear next year in Aarakshan, reports The Times of India.
Bachchan, who had earlier worked with Ali Khan's mother Sharmila Tagore, remembered the first time that he met the actor, saying: "He was a very confused looking youngster then, who stood at the top of the hill, sitting on a rock all by himself and watching the shooting.
"From then on I have watched him grow so brilliantly to a fine actor with a lot of variety in every performance."
Omkara star Ali Khan revealed that Bachchan was the reason why he originally entered the film industry.
"I joined films pretty much because of Amitji, so it's always an absolute honour to work with him and I'm glad I got another opportunity to get associated with him," said the 40-year-old.