Hi Tanuj,
I have not seen any parameter for that. However, there is a workaround.
Use following combinations
evaluation_strategy =‘steps’,
eval_steps = 10,  # Evaluation and Save happens every 10 steps
save_total_limit = 5, # Only last 5 models are saved. Older ones are deleted.
load_best_model_at_end=True,
When I tried with the above combination, at any time 5 previous models will be saved in output directory, but if the best model is not one among them, it will keep the best model as well. So it will be 1 + 5 models. You can change save_total_limit = 1 so it will serve your purpose