Zee chairman Subhash Chandra may submit a new bid

The Board of Control for Cricket in India announced earlier this week that the Zee network would be awarded a four-year contract worth �173m.

But rivals ESPN Star-Sports claimed the bidding process had not been fair.

They took legal action and Zee chiefs are now considering a proposal for both sides to submit fresh bids to the Bombay High Court on Wednesday.

They would be presented in sealed envelopes with the highest bid securing the rights.

If Zee do not agree, ESPN's claim that the BCCI violated its own tendering process would be heard in court the following day.

The �173m previously offered is almost six times more than the previous contract cost the state run broadcaster Doordarshan over the past four years.

Zee made the higher initial offer of �146m and matched ESPN when they upped their �129m bid to �173m.

Cricket attracts three quarters of all sports advertising in India and TV coverage attracts millions of viewers.

If they win the contract, Zee plans to screen 144 days of international cricket over the four years, beginning with next month's Test series against Australia.