Duncan Kenworthy, who produced Love Actually and Four Weddings and a Funeral, first approached Khan with the idea two years ago.
Kenworthy revealed that he initially thought of casting the Bollywood actor as an army officer. "Then I thought I should make the film in two versions, one with Colin Firth and another with Shah Rukh," he told The Hindustan Times.
"I'd like to pair Keira Knightley with Shah Rukh. I think they'd make a great couple on screen."
When told about Kenworthy's concept, Khan suggested he would meet the UK-based producer when he next visits London.
According to Planet SRK Khan said: "I can't keep on doing films where I don't have the title role anymore. I want to be the fair lady. That will be different for me."