IOA Secretary General Rajeev Mehta told PTI that only the Prime Minister can save the situation for India after the Olympic Council of Asia had given an extension of just "a couple of days" to submit the final bid documents.
The deadline to submit the bid had ended on July 1 but the IOA had requested for a 15-day extension, which the Asian body had declined.
"I sent a mail to the Prime Minister's Office today for a meeting with the PM. Now, it all depends on him whether we will bid or not," Mehta said.
Mehta conceded that it was now late in the day to submit the final bid documents.
"I have done what I could have and it's late for us to submit the bid. But our fingers are crossed. If the PM gives time to us in the next couple of days and gives the green signal, then the bid will be alive again," he said.