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Commissioner of the Indian Premier League Lalit Modi has agreed to step down from his post in the IPL, an Indian news channel has reported.

Quoting sources, the television had earlier reported on Saturday that former BCCI president Sharad Pawar had asked Modi to send his resignation saying that the letter would be kept with him.

The sources also claimed that the IPL Governing Council, scheduled to meet on April 26, could be postponed by four-five days. However, top BCCI official were holding an unofficial meeting at the board’s office in Mumbai to discuss the pros and cons of Pawar’s offer to give Modi an honourable exit.

Pawar reportedly facilitated a telephonic conversation between Modi and BCCI President Shashank Manohar following with this decision has been arrived at.

It has also been learnt from Board of Control for Cricket in India (BCCI) sources that Ravi Shastri’s name is now doing the rounds as next IPL chief.