The Italian legend, who left the Sky Blues at the end of last season, declared his desire to play on when in town for the recent Foxtel A-League All Stars clash against Juventus.
And Sky Sports have claimed the 39-year-old is set to be unveiled in coming days as the latest marquee signing for the Indian Super League.
The new eight-team league has already attracted players like former French internationals David Trezeguet and Robert Pires and ex-Premier League stars David James, Freddie Ljunberg and Luis Garcia.
Del Piero’s signing would be a huge boost for the fledgling league and the report says he will also be a brand ambassador for the league.
The news of Del Piero’s imminent move to India came on the same weekend Hungarian club Honved Budapest revealed they have also been in contact with the former Hyundai A-League star.
The club, coached by Italian Pietro Vierchowod and who signed ex-Lazio striker Tommaso Rocchi this week, have offered Del Piero the no 10 jersey that had previously been retired since the retirement of Hungarian legend Ferenc Puskas.
"It's true, for the last 15-20 days we have been talking to Stefano, who is Alessandro's brother and agent," Honved director of sport Fabio Cordella told GianlucaDiMarzio.com .
"We'll see what happens. It would be wonderful to bring him to Budapest. Until an hour ago everyone thought it was a made-up story. Instead we really are trying for Del Piero.
“The Hungarian population deserves him, because real football has been missing here for a few years.”