Tendulkar, who is a big fan of Knopfler's former band Dire Straits, presented the guitarist an autographed bat, and was in turn gifted a guitar signed by the talented musician late Friday night.
"I have been a fan of yours for the past 20 years," gushed Tendulkar, who posed for pictures in the company of Knopfler and members of his band.
Knopfler will play two concerts in India - in Mumbai Saturday and in Bangalore Monday - as part of his world tour to promote his latest album "Shangri-La".
Tendulkar spent time with Knopfler and keyboardist Guy Fletcher, exchanging notes on music and other matters, including the tennis elbow that has troubled both the guitarist and the batsman.
Knopfler and other members of his band were clearly overwhelmed by the sights and sounds of India's financial capital on their 40-minute drive from the airport to the sea-front Taj Land's End Hotel at Bandra.
On Mark Knopfler's official website, guitarist Richard Bennett, who is maintaining a personal diary about the tour, wrote: "Nothing could have prepared me for this. I'd mentioned in an earlier posting that the Dubai airport was teeming.
"Well, that was merely a coming attraction for Mumbai," Bennett wrote about the city whose population is about 16 million.
"The ride from the airport to our hotel is one that I'll not soon forget. The drivers are continually pushing and they have to or else nobody would let them in. The tactic is that of dodge 'em car, horn honking and some serious flashing of your brights on and off, racing ahead then slamming on the brakes.
"It's a city of seeming chaos yet not aggressive, but the poverty is heart breaking. So many people, families living on the sides of the road, dogs roaming, thousands of tiny broken store front shops selling everything from jewellery and crafts to cigarettes, food, mobile phones, coffins and who knows what else, that double as residences as well.
"An overload of sight, sounds and smells. My circuit board was fairly well blown in the 40 minutes it took to reach our hotel from the airport."
The musicians were also impressed by the traditional Indian welcome accorded them at the hotel, their foreheads being smeared by vermilion streaks.
"When we walked through the door into the lobby we were met by women in beautiful red costumes who greeted us with India's equivalent of Hawaii's lei, fresh flowers stung on silver threads, followed by the traditional smudge of red on the forehead," Bennett wrote.
There was special praise from the musicians for the elaborate meal rustled up for them at the hotel too, which Bennett described as "the finest Indian dinner" of his life.
"As difficult as it has been to describe all of this, what was to follow defies putting words to. Mercifully we had about an hour to collect ourselves before we all met for the finest Indian dinner I've had in my life," he wrote.
"Not maybe, not great, but hold-all-calls-we-have-a-winner, the best."
"I'll not waste my time or yours trying to describe how it looked, tasted and smelled but some of what we had was tandoori salmon, tandoori chicken, sag, dal, lamb shank curry, prawn curry, a variety of Indian breads including a naan with green onions and cheese in it, rice pudding with a leaf of silver paper, apricot pudding and still more, all washed down with cold Kingfisher beers, one of the local brews," Bennett wrote.
And there was a strong endorsement for the chef too.
"There's very little that will get this band to shut up, but tonight's meal put an end to the talk, a real testimony to the chef. If you are ever in Mumbai you must stop at the Masala Bay restaurant."