If India sweep the three-match T20 series, they will vault to number one with 120 points from the current 110, while Australia will plummet to number eight with 110 points from the current 118.
If India win 2-1, Australia will slip to sixth and India to seventh.
India are currently ranked eighth while Australia are at second spot behind the West Indies (118). Sri Lanka are on third with 118 points.
India will remain at eighth in any losing scenario as number ninth Afghanistan have 80 points in the latest rankings issued today.
Meanwhile, New Zealand have leapfrogged South Africa and Pakistan into fifth position. The 2-1 series win over Pakistan has given New Zealand two points, while Pakistan have dropped one point.
In contrast, Bangladesh have dropped behind Scotland to 11th position after the 2-2 drawn series against Zimbabwe. Zimbabwe retained their 14th position by collecting four points.
In the ICC T20I Player Rankings for batsmen, Virat Kohli remained the only Indian in the top-10 at the second place on 845 points, behind Aaron Finch (854) of Australia.
Ravichandran Ashwin also retained his second spot among the bowlers on 681 points, behind Samuel Badree (751 points) of the West Indies.
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