However, the former India captain refused to confirm or deny it.
"I don't want to comment on it. Kindly ignore it," he said when asked for his reaction to a report which said he has been offered Rs. one crore for the high-profile job.
IPL CEO, Sunder Raman, refused to take calls on the issue despite repeated attempts to contact him.
However, other sources in the Cricket Board confirmed that Vengsarkar has been offered a contract with a rider that he should not associate himself with any league that does not have the sanction of the BCCI.
"During the period of the contract and two years after its termination he's not supposed to be involved directly or indirectly with any other league that is not sanctioned by the BCCI," the sources revealed.
"The contract names him as a consultant and he will be a member of the IPL's Governing Council (headed by IPL Chairman and Commissioner Lalit Modi). He will also be overall in charge of cricket operations for IPL," informed sources said.
If he accepts the offer, 'The Colonel' will continue to be associated with the BCCI with whose officials he has not seen eye-to-eye on a few occasions, especially on the matter of continuing to write his regular column for a Marathi daily.
The BCCI had directed Vengsarkar to stop writing his column as it felt that there's a conflict of interest there and the former India skipper had to swallow the humiliation in the "larger interest of Indian cricket."
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