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Two phenomenological models of Λ, viz. Λ ∼ (ȧ/a) 2 and Λ ∼ä/a are studied under the assumption that G is a time-variable parameter. Both models show that G is inversely proportional to time as suggested earlier by others including Dirac. The models considered here can be matched with observational results by properly tuning the parameters of the models. Our analysis shows that Λ ∼ä/a model corresponds to a repulsive situation and hence correlates with the present status of the accelerating Universe. The other model Λ ∼ (ȧ/a) 2 is, in general, attractive in nature. Moreover, it is seen that due to the combined effect of timevariable Λ and G the Universe evolved with acceleration as well as deceleration. This later one indicates a Big Crunch.

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