Top Indian cricket stars will get a basic salary of five million rupees (£59,000) under the first ever contract system announced by the board.
Kaif and Nehra are important members of the one-day squad
After four years of negotiations, the Indian cricket board and the players have finally agreed deals which will grade players in three tiers.
Grade A players will get £59,000, grade B £41,500 and grade C £23,500.
The cricketers will continue to get match fees and product endorsements apart from their annual salaries.
Indian cricket board chief Jagmohan Dalmiya said the contract system had been finalised and would be signed by the players on Tuesday or when they return from the ICC Champions Trophy.
Dalmiya told news agency AFP: "Had the confirmation from players come two days earlier, the contracts could have been signed by now.
"Let's see if it can be done on Tuesday. Otherwise it will be done when the team returns from England."
The main stumbling block had been the three categories of players and who goes into which tier, with some of the younger players unhappy at their ranking.
The tiers will selected by Dalmiya, secretary SK Nair, selection committee chairman Syed Kirmani and coach John Wright.