Mr Rao's office informed news agency IANS that the Chief Minister is discussing the plan with senior officials and the finance department in this regard.
Additionally, Mr Rao also directed Telangana Finance Miniser Etela Rajender and state principal secretary Ramakrishna Rao and other senior officials to visit Madhya Pradesh to study the format.
Madhya Pradesh became the first state to adopt the new January-December fiscal format after Prime Minister Narendra Modi suggested it at the governing council meeting of the NITI Aayog, held last month.
"In a country where agricultural income is exceedingly important, budgets should be prepared immediately after the receipt of the agricultural incomes for the year," Prime Minister Narendra Modi had said.
Changing the financial year format to January-December from April-March would imply a shift in tax assessment and changes in infrastructure - especially at the company level.
Earlier this year, the Centre decided to do away with the Railway Budget and also advanced the presentation of the Union Budget to February 1.
Last year, the Centre formed a committee under the leadership of economist Shankar Acharya to examine "desirability and feasibility" of having a new financial year.
(with inputs from Agencies)