"I have applied this morning," Prasad confirmed to PTI today. Prasad, who is currently the chairman of the BCCI junior selecting committee, is keen to get back to a coaching role.
He has also been India's bowling coach in the past. In fact, Prasad was in charge of the bowling department when India won the inaugural 2007 ICC World T20 under Mahendra Singh Dhoni's captaincy.
Prasad faces stiff competition from Indian cricket heavyweights like former Team Director Ravi Shastri and current chairman of senior selection committee Sandeep Patil, who have also applied for the top job.
It has been learnt that Prasad is also open to becoming a a bowling coach of the national team if he is not made the chief coach. He was bowling coach of the Indian between 2007 and 2009, and also worked with the now suspended IPL franchise Chennai Super Kings and Royal Challengers Bangalore.
Once Gary Kirsten took charge in 2008, Prasad fell out of favour with Eric Simons replacing him as the bowling coach.
The 46-year-old was the head coach of Uttar Pradesh before taking over as the chairman of the junior selection committee.
Recently, Prasad was linked to replace Heath Streak as Bangladesh bowling coach but he expressed his desire to serve the Indian team.
In his playing career, Prasad represented India in 33 Tests and 161 ODIs taking 96 and 196 wickets respectively.
Once a new ball partner of India's then fastest bowler Javagal Srinath, Prasad was known for his slower deliveries and effective leg-cutters.
His finest moment was guiding India to victory against Pakistan with a five-wicket haul (5/27) in a 1999 World Cup encounter in Manchester.
During his first coaching stint, one thing that his detractors used to say that fast bowlers concentrated more on line and length rather than focussing on pace.