He can be tried as the allrounder in the ODI side at #7...
Maybe it's Indian, or just human, to ask for more, but he should have a shot as a Test XI all-rounder. Let him stretch his ability that far, because he's worth a shot. Looking at the South African XI that's defeated the Australians in their own backyard, the Indians will need a full-fledged all-rounder to challenge them for the #1 position. That's been the blank space, and at present, he has a chance.
We're talking of the likes of Pujara, Rahane and Mukund making the Test XI. He's barely behind them in the runs tally, and has an average over 70. On top of that, he's the second-highest wicket-taker in the Ranji Trophy. That's very impressive, given that Murali Kartik and Pragyan Ojha are left-arm spin options for the Test team. Batting is his main strength and he stands a chance at six, and he can also bowl as much as a regular- as against any other Indian batsman in the Test team. Ideally, we'd prefer Irfan Pathan for that role, but until he gets back to taking chunks of wickets, Jadeja may be tried. As for the ODI point of view, there's not much he can do with the bat here, since he may not go higher than six or seven, and lacks the striking power.
Right now, this is how I see the talent pool shaping up for us in ODIs:
While we agree on most classifications, I'd say some of it should be altered a little-
Batsmen: Sehwag, Gambhir, Tendulkar, Yuvraj, Raina, Rohit in front and Badrinath, Vijay, Kaif and Pujara in reserve.
Batsmen taking wickets: Yusuf Pathan up in front, with Ravi Jadeja and Abhishek Nayar in reserve.
Wicketkeeper: Dhoni in front, of course. They can play a specialist wicketkeeper in the reserves, because that's also an important post, and the team needs a few all-rounders, not another Adam Gilchrist clone. That said, Karthik and especially Saha should stay in.
Bowlers scoring runs: Irfan is in front, though he's not in the best of form, followed by Praveen Kumar. Harbhajan Singh also appears here because he's become more of a run-scoring bowler than a strike bowler. Piyush Chawla and Amit Mishra can be in the reserves. You'll have a combination of them at seven, eight and nine. Zaheer is a wildcard here.
Bowlers: Of course, the current combination of Zaheer, Ishant and Munaf are ahead. Your reserves can be Sreesanth, RP Singh, Ojha and Mohnish Parmar (subject to action check).