A loose grouping of 12 former Soviet republics, the CIS is thought to be in need of reform after the toppling of former governments in Ukraine, Georgia and Kyrgyzstan.
"Kazakhstan has suggested basic reforms of the CIS considering the new realities that had appeared within the post-Soviet space," Nazarbayev said, referring to recent political upheavals in the three CIS member states.
"I want to know Russia's position, which is very important," he added during a meeting in the presidential residence of Novo-Ogaryovo near Moscow.
Putin in his turn voiced interest in his "counsels" and "reform proposals".
Earlier this week, Putin said the CIS would discuss a possible reform of the grouping at its next summit in May.
The CIS was set up in 1991 in large part to fill the void left by the disappearance of the Soviet Union, and Putin admitted in March that its lifespan was limited, in contrast to the European Union.