Dalmiya's name was proposed by BCCI vice-president Arun Jaitley and joint secretary Anurag Thakur. The proposal will now be ratified by the BCCI board.
Former BCCI secretary Sanjay Jagdale and treasurer Ajay Shirke have been asked to withdraw their resignation.
If the probe clears Srinivasan, he will return to the BCCI, according to the reported compromise formula reached after hectic bargaining from both the sides.
BCCI treasurer Ajay Shirke and secretary Sanjay Jagdale, who had resigned on Friday in the wake of IPL spot-fixing scandal, refused to accept the compromise formula.
According to reports, Srinivasan, who reached the meeting venue almost three hours early, held a meeting with Jagmohan Dalmiya to work out a compromise formula.
In the face of a series of protest resignations by top board officials, including IPL commissioner Rajeev Shukla, a defiant Srinivasan has been forced to call an emergency board meeting in Chennai on Sunday.
Earlier in the day, in an unexpected twist to the IPL spot-fixing scandal, BCCI president N Srinivasan said he did not dictate any conditions for his exit as the board chief, the Times Now reported.
Srinivasan, who was on Saturday reported to have set four conditions to step down, claimed it was all conspired by media.
It has been widely reported that Srinivasan has laid down four key conditions for stepping aside, pending the BCCI inquiry into the betting-fixing scandal.
These are: a) he should continue to represent India at the International Cricket Council (ICC); b) the two officials who resigned on Friday - board secretary Sanjay Jagdale and treasurer Ajay Shirke - should not return to the board; c) he would choose the secretary and treasurer before he leaves; and d) the interim president should be someone who is already in the board.
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