According to Modi, Ahembdabad, Nagpur, Kanpur, Dharamshala, Indore, Cuttack, Gwalior, Vishakapatnam are the current cities with stadia that can invite bids.
"Rajkot, Pune, Baroda and Cochin which have new stadia going under construction are also eligible to be bid for," he added.
Details for the bidding process for two new teams will be posted on IPL's official website on February 21.
The base price for the two new teams is USD 225 million.
Modi said that the new team owners and management will have access to IPL season 3 to better prepare them for Season four.