"Our first aim is to select the best available coach and then talk to him about the details. I do not think money will come in the way at all," Mahendra said.
Referring to reports that the BCCI might have to dole out huge fees to rope in someone like Greg Chappell, the former Australian captain with vast experience among the four shortlisted by the BCCI, Mahendra told a television channel in an interview that "money will not stop us from making the best choice".
According to reports, Chappell might ask for $400,000 to 500,000 per year, which is far more than John Wright's pay packet.
The Indian cricket coach's post became vacant after New Zealand's Wright stepped down after a four-year tenure at the end of the series against Pakistan.
The BCCI has formed a committee comprising Mahendra, former president Jagmohan Dalmiya, secretary SK Nair and former captains S Venkataraghavan, Sunil Gavaskar and Ravi Shastri to find a successor to Wright.
Besides Chappell, another Australian Tom Moody, West Indian Desmond Haynes and India's Mohinder Amarnath are also in the fray.
On Chappell having already been offered a contract by the Sri Lanka cricket board, Mahendra said the Australian would definitely come for the interview.
"Our's is an independent decision and same with Sri Lanka. Whosoever has to go, will go, who can stop him. But he is definitely coming for the interview," he said.
Mahendra also made it clear that skipper Sourav Ganguly would surely come back in the team after his six-match ODI ban was over.
But on the captaincy issue, he said "selectors will decide that".