Rajinikant said he was a "well-wisher" of Modi and wished him "all the best" while Modi described the superstar as a "good friend".
"This is not a political meeting. When Modiji visited me when I was hospitalised, I had invited him to have a cup of tea with me whenever he came to Chennai. So he has come now," Rajinikant told reporters outside his Poes Garden residence.
Answering questions by media persons in the company of Modi, Rajinikant, dressed in starched white shirt and dhoti, said, "I am happy he is here."
Shaking hands and then hugging each other in front of the huge gathering of his fans, who had thronged his residence to get a glimpse of their superstar, Rajinikant said, "He is my well-wisher and I'm his well-wisher."
Modi's meeting with Rajinikant ahead of April 24 Lok Sabha polls in Tamil Nadu where BJP has stitched an alliance of six parties fuelled speculation that the saffron party leader was likely to seek the superstar's support.
Rajinikant has been maintaining steadfastly his apolitical stand.
However, the actor, who has a vast fan following, wished Modi, "All the best!"
Quickly responding, Modi, dressed in a saffron shirt and dhoti, said, "I wished him on the eve of Tamil New Year. He is a good friend."
Modi, who arrived at the airport, drove straight to Rajinikant's residence where the meeting lasted briefly and pleasantries were exchanged.