Mahendra Singh Dhoni's side currently sits in second place on 118 ratings points, seven ratings points behind Andrew Strauss' side, while Michael Clarke's men are in fourth position on 103 ratings points. Third-ranked South Africa, which leads sixth-ranked Sri Lanka 1-0 in a three-Test series, is on 116 ratings points.
As such, shuffling of the pack in the middle of the Championship table could be on the cards, depending on how the series Down Under (which finishes on 28 January) and in South Africa (which finishes on 7 January) pans out.
If Australia wins all the four Tests, it will jump to 111 ratings points and India will drop to 111 ratings but will still be ranked above Australia by a fraction of a point. In case of a 3-1 win for Australia, the home side will rise to 108 ratings points and India will drop to 113 ratings points whereas a 2-2 draw will mean Australia will gain two ratings points and India will drop two ratings points.
In a sharp contrast, if India makes a sweep of the four-Test series, it will move to 122 ratings points and will narrow the gap with England to just three points. A 3-1 victory for India will put it on 120 ratings points dropping Australia to 101 ratings points, whereas a 2-1 series win will earn Dhoni's side one ratings points.
All the various permutations can be calculated by using the ICC Test Championship predictor by clicking here.
In the Reliance ICC Player Rankings for Test batsmen, India's iconic batsman Sachin Tendulkar, who is one century short of becoming the first batsman to score 100 international centuries, is the highest-ranked batsman from either side in sixth position.The 38-year-old from Mumbai trails Pakistan's Younus Khan by four ratings points.
India also boasts Rahul Dravid, VVS Laxman and Virender Sehwag inside the top 20 while Michael Hussey and Clarke are the only two Australia batsmen inside the top 20 in 17th and 18th positions, respectively.
Zaheer Khan of India in sixth position and Australia's Peter Siddle in 12th position will be spearheading their respective bowling attacks.
Ishant Sharma, Ben Hilfenhaus, Ravichandran Ashwin, James Pattinson and Nathan Lyon are the other bowlers sitting inside the top 50 and hoping to improve their rankings.