How much or little work that is going to be is almost impossible for anyone to say without seeing the actual code, knowing the differences between the two versions of the files, and which functions your program uses. For example, are all the SDL include files listed in one single include file that is common to all *.c files? Or does each *.c file include the SDL includes? That might not be relevant if the names of the include files are the same between both versions of SDL.
About the only way you are going to find how how much or how little work is involved is to attempt a complete compile using the new header files and libraries. At best everything will compile and link without any errors. At worst you or your team will have to make a lot of changes to existing code in order to get a clean compile. It shouldn't take but a few minutes to find out one way or the other.
Can anyone provide me proper steps for the same
There is no one proper way to do it. The way I would tackle that is
1. Create a new folder for the new version of the project
2. Copy the game's source code (*.c and *.h files) into that new folder
3. If you use an IDE, such as Code::Blocks, then make necessary changes so that it uses the *.h files from the new version of SDL …