This has been made possible by the fact that the foreign ministers of the two countries are cricket fans.
Australian foreign minister Alexander Downer who is on a a three-day visit to India said that the proposal for a touring exhibition had cropped up during his talks with his Indian counterpart Natwar Singh.
"Both the foreign minister (Natwar Singh) and I love cricket," said Downer.
"The exhibition will be very popular here," he said noting that cricket was very popular in both India and Australia. It would reinforce the bonds between the two cricketing nations, he added.
India and Australia could jointly support the exhibition that would travel to major cities like Delhi, Kolkata, Chennai and Mumbai, said Downer .
The foreign minister, himself a keen cricketer, added: "I used to enjoy playing cricket. I was a medium pacer."