Senior officials were reluctant to discuss details ahead of a news conference scheduled for Thursday after final discussions with other board members.
"All the boards are involved," said a senior BCCI official. The move is also seen as the cash-rich body's attempt to attract fresh endorsements in the game's commercial hub.
The Indian Cricket League (ICL), promoted by owners of the country's biggest listed media firm, Zee Telefilms Ltd, is going ahead with plans to launch its competition despite the Indian board refusing permission and barring players from joining it.
It has appointed former skipper Kapil Dev the head of its executive board and recruited players such as the recently retired Brian Lara, former Pakistan skipper Inzamam-ul-Haq and batsman Mohammad Yousuf besides many domestic players.