According to reports, two unidentified men on a motorcycle fired five rounds in the air outside Khan's Bandra home at 5 AM before fleeing from the scene.
NDTV quoting Mumbai Police sources reported that the firearm used in the shooting was a 7.6 bore gun.
The two individuals suspected of carrying out the shooting are believed to have ties to the Lawrence Bishnoi gang.
Both suspects are estimated to be 5 feet 8 inches tall, according to the police.
The police have seized DVRs from all CCTV cameras outside Khan's residence which caught the accused on their bike.
They said a total of four bullets were fired, with one live round recovered, likely dropped during the weapon's locking mechanism.
A bullet also hit the first floor of the building where Khan resides, police said.
The Mumbai Police has launched a probe into the incident and is trying to track down the miscreants who fired the shots.