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As per old Lore, the Old World is/was part of the 40k universe, being..somewhere.

Now let's gets creative.

There's the Old World, then the End Time happens. The world is engulfed into wild Chaos energies, gets destroyed, and yet, people survive without the Relams (Winds of Magic?), and after some time of peace, War arrives, and after an enternity of that, Sigmar goes on the offensive.

Now 40k; everything is going 'all right' then the great rift shows up, screws everything up.

Theory: AoS is happening in the great Rift in 40k right now, with the Old World blowing up causing the whole shimbang.

Nope, GW said they are separate universes.