The 69 year old actor-filmmaker, who died at 1:30 a.m., was diagnosed with cancer a year ago. He was being treated at a Mumbai hospital.
Khan is survived by actor son Fardeen Khan and daughter Laila Khan.
According to sources, the funeral would be held here later in the day.
Khan was born in Bangalore on September 25, 1939. His father was Sadiq Ali Khan Tanoli, who was a Pathan originally from Ghazni province of Afghanistan. His mother Fatima came from Iran.
He is survived by three brothers Sanjay Khan, Sameer Khan and Akbar Khan.
After his schooling from Bangalore, he arrived in Mumbai where he made his debut as second lead in 'Didi' (1960).
His first big hit was in 1965 with the release of 'Oonche Log'. He then went on to woo the audience with the mushy musical 'Arzoo' where he played a sacrificing lover. But the biggest hit of his career was 'Qurbani' opposite Zeenat Aman.
In 1986, he directed and starred in 'Janbaaz', which was a box office hit. After he directed and starred in 'Yalghaar' in 1992, the charismatic actor took a long break from acting and took to producing and directing films.
Khan launched his son Fardeen Khan's career with the 1998 film 'Prem Aggan' which was however a box office failure. He was last seen on the screen in the 2007 hit 'Welcome'. (ANI)