Khan will be playing the lead role in the biopic based on T-Series founder Gulshan Kumar's life.
The `Dangal` actor`s decision to quit the film came after director Subhash Kapoor was found involved in a sexual harassment case last year.
In October 2018, Aamir took to Twitter to issue a joint statement along with his wife Kiran Rao stating that "at Aamir Khan Productions we have always had a zero-tolerance policy towards sexual misconduct and predatory behaviour of any kind".
"It was brought to our attention that someone we were about to begin work with has been accused of sexual misconduct. So, without casting any aspersions on anyone involved in this case, we have decided to step away from this film," read the statement.