While Mumbai Indians and Punjab Kings have reached an agreement, the consent of the players is in the works, HT learns. Once both the players are okay with the fine print of the trade, the papers will need to be approved by the IPL authorities.

That Hardik and MI would part ways had become clear midway through last season, after the five-time IPL champions crashed out of the playoffs race.

Hardik’s homecoming to MI for the 2024 season did not go to plan, with the allrounder unable to inspire the team and replicate the results he delivered for Gujarat Titans.

Interestingly, GT too had been involved in talks to win back their former captain, this time to return as a player, but the talks did not go far. MI had been in talks with a number of franchises before engaging in advanced talks with PBKS so that India’s leading T20I new ball bowlers — Jasprit Bumrah and Arshdeep — could come together.

Hardik, who led MI for three seasons, is set to play under Shreyas Iyer’s captaincy in the red jersey. For Punjab Kings, Hardik’s return would boost their already strong pool of all-rounders that includes Marco Jansen, Marcus Stoinis, Azmatullah Omarzai and Suryansh Shedge. Once Hardik’s trade goes through, Stoinis is likely to be traded out or released by PBKS.

Similarly, MI will look to release Trent Boult, the New Zealand pacer who has lost some of his sharpness. It would free up ₹12.5 crore for them to spend in the mini auction.

Since this year’s player auction in Goa on December 16 will be a mini affair, franchises are looking to acquire their main targets during the trading window.