Sources close to the club told PTI that Khan has been in talks with the Goa-based I-League champion club and has also met its owner Srinivas Dempo a couple of times.
They said Shah Rukh was interested in acquiring 50 per cent stake in the club.
"Talks are on and he has also met the Dempo management, including the owner, a couple of times, but it is yet to be confirmed. Some things need to be worked out before finalising the deal," a source said.
It has been learnt that the club is keen on using Shah Khan's name and popularity in promoting the I-League champions who have been dominating Indian football for quite a while now.
The club recently bought a 34 per cent stake in leading Danish soccer club and academy FC Midtjylland, for 12 million euros.
Dempo have won the I-league three times since its inception in 2007-08, including the inaugural edition, besides winning the erstwhile National Football League (NFL) twice.
They are also the only Indian club to make it to the semifinals of the AFC Cup, Asia's second tier club competition, in 2008.
