I'll pick a combined XI for each. Not really based on current form so much - more on ability.
Tests:
1. Gautam Gambhir
2. Virender Sehwag
3. Rahul Dravid
4. Sachin Tendulkar
5. Ricky Ponting
6. Michael Clarke/Shane Watson - depending on the pitch. Watson if it's seaming, Clarke if it's spinning
7. MS Dhoni
8. Mitchell Johnson
9. Harbhajan Singh
10. Zaheer Khan
11. Peter Siddle
ODIs:
1. Sachin Tendulkar
2. Virender Sehwag
3. Ricky Ponting
4. MS Dhoni
5. Mike Hussey
6. Yuvraj Singh - Clarke/Kohli close, but I picked Yuvraj for extra bowling and to finish the innings
7. Shane Watson
8. Mitchell Johnson
9. Harbhajan Singh
10. Brett Lee
11. Nathan Bracken
Obviously Lee and Bracken aren't fit at present, so I'd have Zaheer Khan and Dougie Bollinger as their replacements.