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Australia is expected to tour Pakistan in the month of April but with cloud of uncertainty hanging over the series, Shastri said they might appear for IPL.
"If they don't go (to Pakistan), there is no reason why they shouldn't be playing," Shastri was quoted as saying by Herald Sun in Sydney on Friday.
Shastri said he expected the likes of Ricky Ponting, Adam Gilchrist and Andrew Symonds to play -- "however briefly" -- if the Pakistan series was axed.
"IPL championship is in the months of April and May.
Barring a couple of countries, there is no cricket happening in the rest of the world," he added.
Leading Australian cricketers have signed letters of intent, but have yet to commit to full playing contracts, which could reap about USD 500,000 by the time the eight franchises finish their bidding.
Allaying fears that IPL posed any threat to the international cricket he said the league is officially sanctioned by the ICC.
"It is just 44 days of cricket. How is that going to ruin the game?" Shastri said.
Talking about IPL, Shastri said, "The opportunities will be plenty for the franchises and (financially) it will be very good not just for the players but other people wanting to be involved with the game as well."
He also believes that one day cricket needs to "change with the times" in wake of the T-20 format gaining much of the popular support.
"I think Twenty20 will eat into 50-50, no doubt about that," Shastri was quoted saying by 'Herald Sun' on Friday.
"It is just a question of striking the right balance. You might not have 50-50 you might have 40-40. It gets the game over a little quicker" he said.
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