The county is in talks with two international captains as they seek a star name to launch a promotion challenge for the 2005 season.
A club spokesman told the BBC web site: "We are talking to the South African Cricket Board regarding Graeme Smith and the Indian Cricket Board about Sourav Ganguly."
Ganguly had a stint with Lancashire in 2000, during which he averaged 31.95 in 14 matches with a high score of 99.
He had also hit 183 against Sri Lanka in the 1999 World Cup at Taunton, which is Somerset's home ground.
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"I would definitely be interested if they offer me the captaincy, but, at the moment, I haven't heard from them. In fact, this is news to me," he told rediff.com.
After releasing the long-term Australian signing Jamie Cox, Somerset are clearly in the market for a high-profile overseas signing.
Cox had served as captain at Taunton in the past, with veteran Michael Burns, the most recent skipper.
Somerset tried to persuade New Zealand captain Stephen Fleming to fill the breach, but he has taken up the captaincy of Nottinghamshire in 2005.
Thus, Somerset are seriously looking at Ganguly and Smith.