The movie, famous for the bond of friendship between characters Jai and Veeru, essayed by screen icons Amitabh Bachchan and Dharmendra, is being re-released in a digitally remastered 3D version.
"The date was specifically chosen as it coincides with Mr Bachchan's big day. He is the biggest star we have today and what better day to release the film," said the source.
Producer Jayantilal Gada will distribute Sholay 3D.
Apart from Mr Bachchan and Dharmendra, the classic also features an ensemble cast including names such as Sanjeev Kumar, Amjad Khan, Hema Malini, Jaya Bhaduri and A K Hangal in pivotal roles.