The anticipated low-pressure area has formed over the Andaman Sea, which is expected to move west-south-westwards and intensify by Sunday/Monday.
It is seen as merging with another 'low' wending its way from further south of the Bay, aiding the intensification process.
It will be under constant watch for further signs of intensification off the Sri Lanka and Tamil Nadu coasts, of which early indications are available.
While the European Centre for Medium-Range Weather Forecast sees nothing more than a well-marked 'low' or depression in the region, there is the odd chance of a tropical cyclone in the making.
A weather tracker of the US Climate Prediction Centre too supports the latter view, as its parent has already put the Bay of Bengal for tropical cyclone genesis early next week.
If this were to materialise, it would be the first named cyclone of the current North-East monsoon season. Last year saw three such systems develop in the Bay.
Wind-field projections by the IMD showed the storm crossing the southern peninsula and emerging in the Arabian Sea, where it could regenerate.
This morning, a trough lay extended from Kanyakumari to Goa across Lakshadweep, which, if it sustains, would provide the right environment for the storm to guide itself for further development.
Meanwhile, in the North, cold wave conditions prevailed over Haryana, Delhi, Chandigarh and Uttar Pradesh this morning, after a western disturbance exited the region.
The cold wave would persist until Thursday, when a fresh incoming western disturbance with its steaming head brings back the clouds and warmth to the region.
The clouds help trap the solar radiation impacting the surface from escaping back into the atmosphere and prevents cold air from filtering into the ground.