Starting from C6H4(PCl2)2 and the TMS‐substituted ylide (TMS)2C=PR3 (TMS = trimethylsilyl, R = p‐tolyl), the phosphonium‐substituted diphosphaindenylide PPI was prepared in two steps. CASSCF calculations as well as the reactivity toward diphenyl acetylene suggest a notable biradical character in PPI. Reaction with [Cr(CO)3(MeCN)3] affords the complex [Cr(CO)3(η5‐PPI)] (5). This complex was employed to explore the ligand properties of PPI, which demonstrates considerable potential through the combination of strong metal‐ligand interactions and the possibility of a pronounced indenyl effect.