The Australian newspaper reported that Fleming may retire as New Zealand skipper to lead a team in the breakaway Indian Cricket League (ICL) being bankrolled by the country's largest listed media group Zee Telefilms.
The newspaper cited unnamed cricket sources in New Zealand, India and Australia as saying that Fleming was being sought to captain one of the six teams in the competition.
Competition organisers are reportedly offering Fleming a three-year deal worth A$500,000 (US$440,000) annually.
They have already signed up West Indian great Brian Lara and sources close to organisers in India have confirmed Australian spin legend Shane Warne and paceman Glenn McGrath have okeyed the deal.
The Australian newspaper says recently-retired Australian batsmen Damien Martyn and Justin Langer have rejected offers.
Fleming is the first current Test player to be speculatively linked to the competition, all the others have retired.
Fleming, 34, is playing currently county cricket in England.
He retired from one-day cricket after the World Cup but is due to lead the New Zealand Test team to South Africa in late October and November, when the first ICL Twenty20 tournament is due to be played.