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Cricket is set to return to Olympics in the 2028 Los Angeles Games after a gap of 128 years.
Shah will leave his current position as BCCI secretary.
Shah seems to have received support from Australia and England, the Australian tabloid reported.
Wadia and SRK had a heated debate on the issue of whether to have a mega auction or not.
As many as 117 athletes will represent India at the Paris Olympics. There will also be 140-strong support staff, making it a 257-member contingent.
The BCCI's decision has come following emotional appeals for support from ex-captain Kapil Dev and former player Sandeep Patil.
The 37-year-old Rohit, who became the third Indian captain after legendary Kapil Dev and Mahendra Singh Dhoni to win a global trophy, has announced his retirement from the T20 format.
Former opener Gautam Gambhir is expected to succeed Dravid as the India head coach.
BCCI secretary Jay Shah termed India's title run as inspirational.
Former Australian players Ricky Ponting and Justin Langer have claimed that they have turned down approaches for the high-profile position.
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