Sahara Group, seeking to continue its sponsorship, is "on way to submit final price bid," spokesperson Abhijit Sarkar told PTI from Luckhnow on phone.
Telecom major Bharti, which operates its services under the brandname AirTel, confirmed that the group was bidding for the sponsorship.
Anil Ambani's Reliance Infocomm, which had earlier filed Expression of Interest, is also expected to pitch in ahead of the deadline at 1600 hours during the day.
The Cricket Board (BCCI) was to make an announcement on the team sponsorship later today.
Auto Major Hero Honda, Telecom giant Idea and oil PSU Indian Oil Corporation, are also expected to be in the race for the four year contract for sponsorship, for which thereserve price is believed to have been pegged at Rs 130 crore.
During the last four years, Sahara group is understood to have put in about Rs 85 crore for the Team India.