Lalit Modi has yet to confirm if he will file a civil claim against former New Zealand cricketer Chris Cairns.

A window has been set for New Zealand cricketer Chris Cairns to face a £1.5 million (NZ$3.3m) civil claim for fraud brought by Lalit Modi, but the Indian business mogul is still yet to confirm whether he will pursue the case.

Just days after a jury found Cairns not guilty of perjury in a criminal trial, reports in England claimed he was expected to be back in the High Court in London in March in light of new evidence that has emerged since his libel trial against Modi in 2012.

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PHILIP BROWN/PHOTOSPORT Former New Zealand cricketer Chris Cairns.

Cairns won that case, which was over a tweet Modi sent saying the former all-rounder was involved in match-fixing, and was awarded more than $1 million in costs and damages.

Modi's Dubai-based lawyer, Rajesh Vyakarnam, said procedural matters forced them to lodge a civil claim in November last year. He says they are still reviewing the result of the criminal trial before making a decision.

"This date has been in the diary for a long time. It's not a case of Mr Modi going to court immediately after the criminal trial had finished and issuing a claim," Vyakarnam told Stuff.co.nz. "That seems to be the impression that's been created by ... the article but it's not right."

Kevin Norquay/Stuff.co.nz Former NZ cricketer Chris Cairns speaks outside Southwark Crown Court after being found not guilty of perjury.

Vyakarnam said he is hoping to meet with Modi within the next week to plan their next move.

On Thursday, The Telegraph reported that the new case was scheduled for the British court's spring session which starts on March 7 and lasts until the end of May.

It claimed that Black Caps captain Brendon McCullum and former team-mate Lou Vincent may again testify against Cairns. However, as the case was a civil and not criminal one, and they live outside the jurisdiction of the court, they would not be legally-bound to appear and it is unlikely they would do so.

McCullum's lawyer, Garth Gallaway, said he found it hard to believe the case could be heard by the court so soon.

"I don't know anything about it. My strong suspicion is the story is wrong," he said.

"I don't doubt there is a fraud case against Cairns but I would be staggered if there is a hearing in March. It would be news to me."

Gallaway, who said on Tuesday that McCullum would not comment on the outcome of Cairns perjury trial or his role as a prosecution witness, had no further comment.

At the end of the perjury trial this week in which Cairns and lawyer Andrew Fitch Holland were also cleared of perverting the course of justice, there was talk of former Indian Premier League boss Modi bringing a claim.

A cleared Cairns said he would cross that bridge when he came to it.

"In the words of [Winston] Churchill, it is not the end. It is not the beginning of the end, but the end of the beginning," Cairns told Newstalk ZB on Tuesday.

"I think a man with his means and his power, he lurks out there and I have to be very, very conscious of that. I will take stock and deal with that situation and if it does come about I will take it in my stride."

Following the not guilty verdict, Modi issued a press statement.

"I am aware of the verdict at Southwark Crown Court. As you know, I am limited in what I can say as I am restricted by the injunction put in place following the 2012 libel trial," Modi said.

"I will consider how this affects my own civil claim against Mr Cairns in due course."

Modi had a lawyer in court throughout the trial and had previously signalled his intent to issue legal proceedings against Cairns in London to claw back damages and costs from the 2012 libel trial, but that action was on hold until after the criminal proceedings.

A civil suit has a lower level of proof (balance of probabilities) than a criminal trial.

COURT COSTLY

Cairns received legal aid to pay for his perjury trial lawyer, Orlando Pownall, QC, although it was understood he would meet some of the costs himself.

The cricketer's parlous financial state was revealed before the trial when it was reported he was cleaning bus shelters around Auckland to support his family.

During the trial he revealed he'd had to borrow $104,000 from a friend in Dubai to fund his 2012 libel case. He was painted to the court as a man with scant financial resources.

At one point around 2002 he was paid $75,000 a year by New Zealand Cricket, and had been involved in a series of businesses – fudge, sports statistics, the diamond trade, real estate and a private television venture – without a great deal of success.

His big break was getting a three-year cricket contract worth just over US$1 million to play in the Indian Cricket League, only for the unsanctioned tournament to collapse at the end of 2008 after one year.

Former team-mate Daniel Vettori told the court he asked Cairns to get him a $22,175 diamond in India, but the jewel never arrived and he had to wait two years to get his money back. When it finally came, it was in £20 notes.

Cairns would have no claim for compensation after being found not guilty.