Salman Khan would join fellow stars Shah Rukh Khan and Preity Zinta as IPL franchise owners if the deal goes through.
The multi-million dollar Twenty20 series, which features almost all top international players, has also gained popularity for its entertainment element –Bollywood superstars Shah Rukh Khan, Preity Zinta and Shilpa Shetty all own IPL teams.
Salman Khan met Mr Modi on Wednesday to explore how he could join the bandwagon, reports Reuters.
"He is aware of the price of a franchise, which will be between $200 to $300 million," Mr Modi told television channel CNN-IBN, adding that two new franchises would be up for sale by January.
"He has been keen for some time now, so he was curious about the process of auctions and the money involved," Mr Modi added.
Ever since its inception two years ago, IPL has proved to be a money spinner, raking in millions of dollars in advertising and ticket revenues.
The celebrities the tournament attracts, combining Indian passion for film and cricket, has further boosted its profile.