Hangal, who has acted in around 225 Hindi films and various TV shows in a career spanning nearly five decades, will be seen in a small role on the Colors show.
"It is very humbling to have Hangal ji on the show. We are honoured that he agreed to do the serial. He is a true actor and when on the sets he has this sparkle in his eyes which shows that he is very comfortable being there," Prashant Bhatt, fiction head of Colors, told PTI.
"We didn't have to coax him much to be a part of the show. He agreed once we told him the story and his role," he added.
Hangal's most notable roles are as Rahim Chacha in "Sholay" and Bipinlal Pandey in "Namak Haraam". Earlier this year it was reported that the veteran actor was facing financial problems and having a tough time meeting his medical expenses.
"Madhubala" is based on the world of cinema and follows the story of a girl who is forced into glamour and showbiz.
"He is the oldest face in Indian cinema and since the show is a tribute to 100 years of cinema we wanted Hangal ji on the show. He comes on a wheel chair and is very excited and eager to know his lines. We don't have narrate too many scenes and lines since we don't want to exhaust him. But he feels at ease when on the sets," Bhatt said.
"Madhubala" went on air Monday and stars Drashti Dhami, Vivian D'sena, Raj Zutshi and Shagufta Ali.