Waugh was approached by Harshad Mehta, the Dubai-based chairman of Kochi, earlier this month and discussions were at an advanced stage for Waugh to spearhead the team's maiden season in the expanded 10-team league next year, a report in 'The National' said.
"We are trying to get Steve Waugh to be a part of the team. Waugh will be given a top position in the team with two layers of people below him," Mehta told the daily.
Kochi are also trying to sign in-form Sri Lanka batsman Mahela Jayawardene, who is the top scorer in the ongoing World Twenty20.
Jayawardene played some crucial knocks for the basement-side Kings XI Punjab in the recently-concluded IPL season.
Mehta added: "I like Mahela personally and have a very good relationship with him.
"I was the first person to take him outside Sri Lanka to play in South Africa.
"My relationship with him goes back over 20 years now. If he is available and if I have a successful bid, he will be part of the Kochi team."
According to Mehta, Shanthakumaran Sreesanth, who hails from Kerala, has more or less agreed to join the team from the Kings XI.
"He is the best bowler but not very mature. He must have a target and everything will be good," Mehta said.
The name of the team, the manager and the make-up of the squad will all be announced by the end of this month, he added.
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