Besides Sushil, the Indian Olympic Association had shortlisted Beijing Olympics gold-medallist shooter Abhinav Bindra, bronze-medallists boxer Vijender Singh and tennis veteran Leander Paes for the flag bearer's role in London.
But since Vijender might have a bout to fight the morning after the opening ceremony on July 27 and Bindra would also be occupied with his shooting assignment, it could be either Sushil or Paes.
However, since Paes has got the honour in a previous edition of the Olympics, Sushil might get to lead the Indian contingent out in London.
"The names have been shortlisted and the announcement would be made in the next two to three days," IOA acting-President Vijay Kumar Malhotra told reporters here.