An IPL source confirmed that the trade had been completed, adding that Hardik was comfortable playing under Punjab Kings captain Shreyas Iyer, who is expected to continue in the leadership role.
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"The trade has been completed. Hardik is going to Punjab Kings and Arshdeep is moving to Mumbai Indians. Hardik is happy to play under Shreyas Iyer," the source said.
The source added that the decision was taken by Punjab Kings' captain and coach, despite the franchise's long association with Arshdeep, whose performances have helped establish him as one of India's leading fast bowlers.
Hardik Pandya's second stint with Mumbai Indians ends
The proposed move marks the end of Hardik's second stint with Mumbai Indians, having returned to the franchise ahead of the 2024 season and replaced Rohit Sharma as captain. However, his tenure as skipper proved challenging, with the five-time IPL champions missing out on the playoffs twice during the three seasons following his appointment.
Punjab Kings, meanwhile, will look to utilise Hardik primarily for his all-round abilities. The India international could strengthen the franchise's balance with his contributions as both a batter and a bowler. However, concerns remain over his fitness, as multiple injury setbacks have kept him away from competitive cricket since the previous IPL season.
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Arshdeep Singh set for Mumbai Indians move
For Punjab Kings, parting ways with Arshdeep represents a significant decision. The left-arm pacer has been associated with the franchise for several years and developed into a key performer in the IPL.
His consistent performances also helped him establish himself in India's international setup, where he has emerged as the country's leading wicket-taker in T20 internationals.
The source acknowledged that the decision was difficult for the franchise owners but said the captain and coach ultimately backed the proposed exchange.
(With inputs from news agency PTI)