Khan's relationship with Abhishek's wife Aishwarya Rai Bachchan soured after the actress was dropped from Chalte Chalte, according to Bollywood Mantra. This was further compounded by a disagreement with Abhishek at a party last year.
The reconciliation has been prompted by the fact that the two stars will be working together on Happy New Year.
A source close to the film said: "SRK and Abhishek share a rather curious equation. However, now they are all set to work together.
"The project Happy New Year is turning out to be a reunion of sorts. First Farah and SRK made up and now SRK will work with Abhishek."
Khan and Bachchan previously starred together in Karan Johar's Kabhi Alvida Naa Kehna.
Happy New Year also features John Abraham. Vidya Balan is being considered for the role of Shah Rukh Khan's romantic interest in the film.