Mumbai Indians and Punjab Kings have reportedly agreed to a major player exchange ahead of the IPL 2027 mini-auction.

The proposed deal involves two Indian internationals, with both franchises looking to strengthen their squads for the upcoming season.

The player-trading window ahead of the Indian Premier League (IPL) 2027 auction has witnessed a major development, with Mumbai Indians (MI) and Punjab Kings (PBKS) reportedly agreeing to a blockbuster exchange involving two Indian stars. The proposed deal will see all-rounder Hardik Pandya move to Punjab, while left-arm pacer Arshdeep Singh is set to join the five-time champions.

The initial paperwork for the exchange has reportedly been completed, with both players giving their consent to the move. However, the deal is yet to receive the necessary formal approval from the Board of Control for Cricket in India (BCCI), meaning the franchises are yet to make an official announcement.

Hardik Pandya and Arshdeep Singh to retain their existing IPL salaries

The proposed exchange is a straight player-for-player trade, with no third player involved. According to reports, both franchises have agreed to retain the existing contract values of the two players, meaning neither will face a change in salary following the switch. Hardik is set to continue earning INR 16.35 crore, the amount he was receiving at Mumbai Indians.

Meanwhile, Arshdeep will retain his INR 18 crore salary, having been secured by Punjab Kings through the Right to Match (RTM) card during the IPL 2025 mega auction. The trade was initially discussed around a week ago but reportedly faced delays as the players took time to complete the necessary paperwork. Following further discussions, both players agreed to the move, and the franchises exchanged Expressions of Interest (EOIs) with the BCCI to proceed with the formalities.

Hardik set to bring all-round value to Punjab Kings

Hardik’s proposed move will bring an end to his second stint with Mumbai Indians, where he returned ahead of IPL 2024 and took over the captaincy. The all-rounder initially represented the franchise between 2015 and 2021 before joining Gujarat Titans (GT), whom he led to the IPL title in their debut season in 2022. Punjab Kings will now have an experienced Indian all-rounder who can strengthen their middle order and provide an additional seam-bowling option.

His ability to contribute with both bat and ball could offer greater balance to the squad as the franchise prepares for IPL 2027. However, Hardik is expected to join Punjab as a player rather than take over the captaincy. Shreyas Iyer is likely to continue leading the side, having established himself as the franchise’s captain over the previous two seasons.

Arshdeep set to strengthen Mumbai Indians’ pace attack

For Mumbai Indians, Arshdeep’s arrival could address an important requirement in their bowling attack. The left-arm pacer has been associated with Punjab Kings since making his IPL debut in 2019 and has developed into one of India’s most reliable white-ball bowlers. Arshdeep has picked up 111 wickets in 96 IPL matches for Punjab. His ability to swing the new ball and execute yorkers during the death overs makes him a valuable addition to Mumbai’s bowling resources.

He could form a formidable Indian pace combination alongside Jasprit Bumrah, giving the franchise two established international bowlers with different strengths. Arshdeep’s presence would also provide Mumbai with greater flexibility while selecting their overseas combination for the upcoming season.