Currently placed sixth in the ranking, Mahendra Singh Dhoni's men will have a chance to rise as high as third if they can come up with a dominating performance against the second-placed Australians, who will aim to reduce South Africa's lead at the top of the table.
It would take a 4-0 win for India to rise to 107 ratings points, one behind Australia, while a 3-1 series victory will see the visitors join England on 104 points, although Alastair Cook's side would hold a slender 0.4 point advantage when the ratings are calculated beyond the decimal point.
A 2-2 series deadlock will see both India and Australia maintain their pre-series rankings, although Australia would drop to 114 points while India will rise to 99 ratings points.
However, if Australia wins the series 4-0, it would close the gap on South Africa to four ratings points, with India dropping to seventh, while a 3-1 win will reduce the Proteas' lead to six ratings points.
More From This Section
Number-one ranked South Africa will face West Indies in a three-match Test series that starts on 17 December at Centurion.
For Australia, opener David Warner is placed sixth, while Michael Clarke (11th) and Steven Smith (13th) are also inside the top 20.
In the Player Rankings for Test Bowlers, Ryan Harris (second) is the highest ranked bowler, 54 points behind number-one ranked Dale Steyn of South Africa and two places ahead of his team-mate Mitchell Johnson (fourth).
India's highest-ranked bowler is 28-year-old off-spinner Ravichandran Ashwin (12th), two rankings spots ahead of Australia's Peter Siddle. Ashwin is also in second position in the Player Rankings for Test All-rounders, 41 points adrift of Bangladesh's Shakib Al Hasan.