The potential prize is up for grabs for both the sides separated by five rating points in the table. The teams are currently in fifth and sixth places respectively.
A 5-2 victory for India will see them rise from their current mark of 113 rating points to 115, which would be enough for them to leapfrog both fourth-placed New Zealand (113) and Pakistan, in third with 114 points.
That would leave Rahul Dravids side just four rating points behind second-placed South Africa, currently on 119, and they can get even closer to the Proteas if they win the series 6-1 or make a clean sweep.
A 6-1 success would leave them on 116 points while a 7-0 win would give them 118 points, just one behind Graeme Smiths team.
England will start the series with 108 rating points but they, too, have the chance to make major strides up the table.
A 5-2 success will lift them to 113 points and take them past India as the home side would drop to 110, while a 6-1 series win for England will give them 116 rating points and push India to 108. A 7-0 clean sweep would draw them level with South Africa.
World Champions Australia are the runaway leaders of the Championship table with 132 points.
England have already qualified for the second round of Octobers ICC Champions Trophy in India as Sri Lankas recent defeats at the hands of Pakistan ensured Andrew Flintoffs side a place in the top six of the table on April 1.
And India were always guaranteed a place in that second round by virtue of being hosts.
But despite those factors, the first two matches of the series, in Delhi and Faridabad, still have added significance because they will determine where the two sides will be placed in the table on that cut-off date.
That is important because the eight sides that will take part in the second round will be placed in two groups worked out on the basis of their rankings or their order of qualification from the preliminary round.
And while there may be five rating points between India and England ahead of the series, two wins for England in those first two matches will see the sides swap places with England rising to fifth spot and 112 points while India will slip to 110 points.
In the LG ICC Player Rankings, India appear to have a slight edge when it comes to batting as they have four players in the top 20 places while England can boast only three.
Mahendra Singh Dhoni is the home sides highest-ranked player, in fifth spot, followed by Yuvraj Singh (eighth), captain Rahul Dravid (10th) and the injured Sachin Tendulkar (joint 16th with South Africas Boeta Dippenaar).
Englands players at the top end of the list are acting captain Andrew Flintoff (14th) and Kevin Pietersen (15th) while the unavailable Marcus Trescothick is in 18th position.
Both teams have a player just outside the top 20, with Virender Sehwag in 21st spot while Andrew Strauss, who made 128 in the recent third Test in Mumbai, is 25th. Indias Irfan Pathan is the leading player from either side in the Player Rankings for bowlers in ODIs. He is in fifth place and is joined in the top 20 by team-mate Harbhajan Singh (13th).
England have three bowlers in that top 20, although only one of them, Flintoff in 15th, is in their squad for this series. Also there are Stephen Harmison (11th) but unavailable because of injury and Darren Gough (19th) but omitted by the selectors.
Further down the list is James Anderson, fresh from six wickets in the Mumbai Test, and he finds himself in 24th spot.
Flintoff is just 10 rating points away from the top of the Rankings for ODI all-rounders, currently occupied by South Africas Shaun Pollock. Pathan is in fourth position while Englands Paul Collingwood lies in 11th place.
The batting list is headed by Australian captain Ricky Ponting, followed by team-mates Adam Gilchrist and Andrew Symonds while Pollock tops the bowlers table, followed by Glenn McGrath of Australia and New Zealands Shane Bond.
The top 10 places in the Championship table have now been confirmed with Bangladeshs 4-0 success against Kenya securing their place in the ICC Champions Trophy ahead of the African side. Only 10 sides can take part in the tournament.
LG ICC ODI Team Rating: 1.Australia 132 2.South Africa 119 3.Pakistan 114 4.New Zealand 113 5.India 113 6.England 108 7.Sri Lanka 105 8.West Indies 89 9.Zimbabwe 42 10.Bangladesh 24 11.Kenya 7
LG ICC ODI Batsman Rankings: 1.Ricky Ponting (Aus) 805, 2.Adam Gilchrist (Aus) 793, 3.Andrew Symonds (Aus) 761, 4.Graeme Smith (SA) 759, 5.Mahendra Singh Dhoni (Ind) 754, 6.Mike Hussey (Aus) 748, 7.Kumara Sangakkara (SL) 736, 8.Yuvraj Singh (Ind) 719, 9.Michael Clarke (Aus) 716, 10.Rahul Dravid (Ind) 709
LG ICC ODI Bowler Rankings: 1.Shaun Pollock (SA) 858, 2.Glenn McGrath (Aus) 768, 3.Shane Bond (NZ) 762, 4.Daniel Vettori (NZ) 750, 5.Irfan Pathan (Ind) 737, 6.Brett Lee (Aus) 729, 7.Muttiah Muralitharan (SL) 701, 8.Nathan Bracken (Aus) 693, 9.Chaminda Vaas (SL) 693, 10.Makhaya Ntini (SA) 686
LG ICC ODI All-rounder Rankings: 1.Shaun Pollock (SA) 462, 2.Andrew Flintoff (Eng) 452, 3.Andrew Symonds (Aus) 384, 4.Irfan Pathan (Ind) 369, 5.Shoaib Malik (Pak) 355.