According to business paper Bloomberg, sources close to the matter have confirmed that Mahindra is working to set up talks with Saab's court-appointed administrators.
Mahindra has declined to comment, although it is believed that the company is interested in buying at least part of the Swedish carmaker.
Whether it hopes to continue Saab's agreement with General Motors for licensed platforms and technologies is, of course, unclear.
The sources added that a Turkish company is also looking to invest in Saab, with the country's government apparently eager to establish a car brand of its own. Access to Saab's technology and manufacturing, at the right price, could prove appealing.
Saab filed for bankruptcy on December 19 after failing to secure an agreement with former owner and principal stakeholder General Motors for investment from Chinese companies.
While the forecast for Saab's future remains cloudy, the sun is shining on Mahindra, after acquiring a 70 percent stake in Korea's SsangYong in early 2011.
The Indian company is also preparing to launch its own Mahindra-badged XUV500 SUV globally in the coming year.