Before the fourth season of the IPL Gilchrist was bought at the 2011 player auction by Kings XI Punjab for US$900,000 and was, again, appointed as captain, taking over from Kumar Sangakkara who had moved to Deccan. In March 2012 he was named player-coach of the side for the following season, replacing his friend and former Australia teammate Michael Bevan, whose contract as head coach was not renewed. After the team failed to make the play-offs, Gilchrist speculated that he may choose to retire from cricket.