Indian cricket officials are keen to bring in foreign players to make domestic tournaments more exciting.
Domestic matches draw far fewer spectators and less sponsorship than international games, with leading players rarely available.
"If some big players from abroad come then people will come and see matches," said the cricket board's Niranjan Shah.
"If our players can play for English counties then we should also be ready to bring in outside players."
England's chairman of selectors David Graveney mentioned India when he floated the idea of players who are currently injured getting extra games before the Ashes.
But stars such as Andrew Flintoff and Ashley Giles are thought more likely to play club cricket in Australia and South Africa than on the subcontinent.
The Board of Control for Cricket in India in February signed a four-year TV rights deal worth £321 million that requires 70 days of domestic games to be broadcast.
Of that, state associations are set to receive as much as 80 million rupees (£900,000) this year, said Shah.
India has seen few foreign players since four West Indies fast bowlers were invited in the 1960s to help their batsmen adapt to pace.