Kambli has been admitted to the cardiac ICU of the Lilavati hospital in suburban Bandra, and is undergoing treatment, hospital sources said.
Further details are awaited but reports have stated that he was driving when he felt discomfort in his chest. After being rushed to hospital by a traffic police officer, his condition is now said to be stable.
Kambli, an elegant left-hander in his playing days, had undergone angioplasty on two of his blocked arteries in July last year.
Kambli, who will turn 42 on January 18 next year, has played 17 Tests and 104 ODIs for India.
In his short Test career, Kambli scored 1084 runs at an average of 54.20, while his 104 ODI appearances yielded 2477 runs at 32.59.
He played his last international match in 2000 and retired from first-class cricket in 2011.
The flamboyant former cricketer recently hit the headlines when he expressed his disappointment at not being mentioned in Tendulkar's farewell speech when the icon called it quits from international cricket earlier this month.
Tendulkar and Kambli were close friends at the start of their careers but drifted apart. Kambli had recently stated that he and Tendulkar have not been on talking terms for the past seven years.
In 2009, Kambli even contested the Maharashtra assembly elections but lost. The same year, he took part in the reality show Big Boss.