Lord Siva and Lord Krishna (Vishnu) are the principal deities in Old Sreekanteswaram. The linga of Sreekanteswara (Siva) is believed to have been installed by Sree Parashurama. According to devotees, the samadhi of Sage Kanwa is in the precincts of the Temple. Chettikulam, a pond nearby that was reclaimed decades ago, is referred to in Syanandura Purana Samuchaya and Anantapura Varnana as Kanvatirtha. This lends credence to the belief that Old Sreekanteswaram and Chettikulangara formed part of Kanwa Tapovana. The idol of Sri Krishna was installed later to reduce the ferocity of Shiva. The idols of Lord Ganesha and Serpent gods also find place in the temple. All the deities here face east.