Nike's 14-year-old deal with the 'Men in Blue' is about to end in September.
Speaking to IANS, a Board of Control for Cricket in India (BCCI) functionary confirmed the development.
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"Adidas and Puma have shown interest in becoming Team India's kit sponsors. The entire process will be transparent and any deal that will be done will be in the interest of Indian cricket. This apart from Dream XI could also be a player," the functionary said.
Nike, it is understood, paid Rs 370 crores to renew the kit sponsorship with the Indian team back in 2016, which ends next month. The company is believed to be paying BCCI around Rs 87,34,000 per each India game.
But with the Coronavirus pandemic affecting the market scenario so heavily, it was unlikely that the Nike was to sign a similarly high-budget deal.
Hence, the BCCI floated the tender, allowing other companies to also get a fair chance to bag the contract.
"Once the current contract ends, issuing tender will be the way forward unless Nike decides to continue paying the same rights value and provided the board is also okay with that idea," a BCCI source had earlier told IANS.
"If Nike talks about a cut due to the current situation, then it will be a case of playing fair and allowing the ones who offer the best deal to have the rights to be the kit sponsors of the Indian cricket team. Any other arrangement will not be palatable especially in the background of the challenges of quality that have emerged from time to time," the source added.
Both Adidas and Puma enjoy a lion share in the Indian market, with their fanbase not limited to just the common man, but spreading across to some of the well-known sporting personalities.
Puma is on deals with India captain Virat Kohli and talented batsman KL Rahul.
Kohli's limited-overs deputy, Rohit Sharma, is associated with Adidas, which is among the most popular brands when it comes to sports apparel and footwear.
(Inputs from IANS)