Australia lead the series 2-1 with the final two matches to be played in Nagpur and Bengaluru on Wednesday and Saturday, respectively.
Australia needed to win the series 6-1 or better to dislodge India from the top and reclaim the number one spot, which it last held in July 2012.
If Australia manages to win the final two ODIs, it will rise to 119 ratings points while India will finish on 120 ratings points.
Among other teams Pakistan has an opportunity to gain a place on the ICC ODI Team Rankings if it wins its upcoming five-match series against South Africa by 3-2 or better. The series will begin in Sharjah on Wednesday.
Pakistan is currently sitting in sixth position, four ratings points behind South Africa. However, if Pakistan wins the series 3-2, the two sides will swap places, with the Asian side moving into fifth position on 103 ratings points and the Proteas dropping to sixth spot on 102 ratings points.