The player retention deadline ended on January 20 and the trading window closes on February 4.
The Royals think tank will be hoping that Sanju can do what Shreyas Iyer has achieved for Delhi Capitals.
Chennai Super Kings retained veteran Suresh Raina, while the explosive Glenn Maxwell and opener Aaron Finch were released by Kings XI Punjab and Royal Challengers Bangalore respectively.
The IPL trading window for the franchises closes on February 4.
The opener shot into limelight recently with his 37-ball 100 in the Syed Mushtaq Ali Trophy T20 match against Mumbai.
The blistering knock against the formidable Mumbai is expected to make him a hot property in the IPL auction next month.
The Australian head coach questioned the timing of last year's IPL.
Natarajan’s accomplishment has the potential to shift the future of Indian cricket from the cities to the villages.
It has been learnt the notice was sent earlier this week and the BCCI plans to run the IPL with its own set of professionals from this year.
The 30-year-old, who is recuperating at Bangalore's National Cricket Academy, will complete his rehab next month.