The Board of Control for India (BCCI), the world's richest cricket board, had previously had concerns about the idea, fearing it might lose its autonomy and become answerable to the country's Olympic committee.
The BCCI, however, appears to have changed its stance following a virtual Apex Committee meeting on Friday.
"We are exploring that opportunity," BCCI treasurer Arun Singh Dhumal told Reuters by telephone.
"We're keen but how the modalities would be worked out, we're working on that aspect."
The BCCI also agreed to send its women's team to next year's Commonwealth Games in Birmingham.
Cricket made its first Commonwealth Games appearance in 1998 when the South African men's team won the gold medal in Kuala Lumpur.