My L1B is expired and staying in USA with Valid I-94

I am in L1B travelled USA from Indian company and my Visa is got expired now but I have valid I-94 till oct 2014, my client is offering for permanant position since the indian company contract is complete, But I dont have valid Visa and have I-94 valid, can any one suggest me is there any option for me?

You don’t have any option. You can only stay in US with valid i-94 at your own expenses, and legally not allowed to work here in US. If you need to start working for a different employer you need to have H1. You can apply for it only from 1st April 2013 and start working from 2013 Oct 1st.