However, the multi-millionaire owner has opted for the experienced former Renault driver Giancarlo Fisichella and promising Adrian Sutil to spearhead the team's campain in their debut season.
"If you look at it, Fisichella is coming towards the end of his career and Sutil is on a one-year extension," Chandhok told Autosport magazine.
"You could speculate that both of those seats could be up for grabs at the end of the year. If I can finish in the top five of GP2, I think that would put me in contention.
"Mallya has proved by not signing Narain Karthikeyan or me that he is not signing drivers based on nationality. Of course, the fact that I'm Indian is going to help - that's not rocket science - and his ideal scenario is a quick Indian driver.
"But, as we're friends, we've agreed in principle that another year in GP2 is what I need to do, and then we'll see."