The proposed trade between Mumbai Indians and Punjab Kings involving Hardik Pandya and Arshdeep Singh is nearing completion, with the two franchises having exchanged Expressions of Interest (EoIs) as part of the process prescribed by the Board of Control for Cricket in India (BCCI).

The deal had briefly encountered a delay, with Pandya understood to have sought some time before making a decision. However, the matter now appears to have been resolved, with the all-rounder believed to have agreed to move to Punjab Kings.

Sources in the know say the two teams have exchanged EoIs, following which the BCCI formally allows franchises to engage with players from the other team. Once the players give their consent and the financial terms (fees) are agreed upon, the contracts are exchanged.

While that is the formal procedure, the players would invariably have been sounded out well before this stage. In this case, the process appears to have reached its final stage, with the exchange of contracts remaining.

"Only players whose names are included on an EOI Confirmation and for whom a signed Consent Form has been received by the BCCI may be traded," state the IPL trade rules.

It is learnt that both players have consented to the trade, which is expected to be formally confirmed by the BCCI shortly. Any delay in the official announcement could be on account of the ongoing festivities and official holidays in India. As things stand, there is no indication of a third player being involved in the trade.

On the face of it, a swap involving Pandya and Arshdeep makes sense for both franchises. As previously reported by Cricbuzz, Mumbai Indians have been looking to add a quality bowler who can complement Jasprit Bumrah. That requirement became more pressing after Trent Boult and Deepak Chahar, their two new-ball options, had relatively underwhelming campaigns in the last IPL. Arshdeep is widely regarded India's leading new-ball and death-overs bowler after Bumrah.

For Pandya, the move would mean stepping away from a leadership role he has held for the last five years. He captained Gujarat Titans for two seasons before taking charge of Mumbai Indians over the last three years. At Punjab Kings, however, he is unlikely to have a similar responsibility.

Shreyas Iyer has been firmly established as the leader of the side over the last two seasons, with his performances also earning him the India captaincy. That leaves little room for another leadership role in the setup. Pandya, though, is regarded as a team player and has a reputation for bringing the best out of younger players. His experience and all-round abilities could add considerable value to the Punjab setup, who are still pushing for their first-ever IPL triumph, having come very close in the 2025 season.