The award is likely to be given to Sachin after the IPL tournament, he said.
Sasane declined to elaborate on the award, such as its cash component. "We want to recognise achievement, and Sachin's name came to our mind first," he said.
India defeated Sri Lanka by six wickets in the World Cup final in Mumbai on Saturday night to lift the coveted trophy which they last won in 1983 under Kapil Dev.
Tendulkar, however, missed out on his 100th international century.