Both CSA president Chris Nenzani and CEO Haroon Lorgat have been invited to the meeting the cricketing body confirmed on Sunday to the African News Agency.
Also attending will be the head of Cricket Australia (CA) with chief James Sutherland and chairman Wally Edwards representing Australia.
BCCI secretary Anurag Thakur told espncricinfo the meeting would take place on the sidelines of the IPL final.
“Yes, we have invited the CEO and chairman of Cricket Australia and Cricket South Africa for the IPL final in Kolkata and, on the sidelines of this match, we will discuss the future of Champions League with them,” Thakur said.
BCCI president Jagmohan Dalmiya will also be in attendance along with Thakur.
There had been widespread reports the CLT20 will be scrapped altogether, and at the meeting it is expected an alternative to the competition may be revealed.
The reason behind the proposed cancellation of the tournament was reported as poor ratings with advertisers also disappointed with revenues.
The teams who will be hit hardest by a cancellation would be the teams from Australia and South Africa who receive $200 000 for their participation.