Pakistani cricketers are planning to encash their ICC World T20 triumph and ask for a hike in the existing IPL contracts.

After IPL organisers announced that Pakistani players would be welcome to play next season, subject to clearance from both the governments, sources in the sports management company representing players like Misbah-ul-Haq, Sohail Tanvir, Umar Gul or Kamran Akmal said they are unlikely to play on their old contractual terms of $100,000 each.

"These players are now iconic figures after winning the T20 World Cup and it makes no sense that they should settle for old terms when other players are being paid in millions," a source said.

The Pakistani players could not take part in the second season of IPL this year after the Pakistan foreign ministry advised the Pakistan Cricket Board (PCB) against sending players to India after the Mumbai terror attacks.

The franchisees concerned then either terminated or suspended the contracts of the Pakistani players who had represented them in the first season.

IPL commissioner Lalit Modi has said franchisees were free to play their Pakistani signings next season provided the governments of the two countries give the clearance.

"Recently a senior official of the sports management company visited India and met with Modi and other franchise officials regarding the contractual issues of the Pakistani players who were not informed whether they would receive payments as per their contracts or these were terminated or suspended because they didn't play in the second season," one source said.

He said the official had spoken to the IPL organisers about the possibility of Pakistani players taking part in the next IPL season.

"But now with the Pakistan having won the World Cup obviously the scenario has changed and it is unlikely the players will go back on their old contractual terms as they feel their value is greater now," the source said.