Bowler Tymal Mills, bought for £1.4m by Royal Challengers Bangalore, could face former international team-mate Chris Jordan in the opening match.
Jordan's Sunrisers Hyderabad play RCB in Deccan at 15:30 BST.
The Sunrisers, captained by Australia international David Warner, beat RCB in the final of the 2016 competition.
All-rounder Stokes could be in action on Thursday when his side play Mumbai Indians, who have wicketkeeper Jos Buttler in their ranks.
The competition features some of the best Twenty20 players in the world, including South Africa's AB de Villiers, Australia batsman Aaron Finch and India captain Virat Kohli
England one-day captain Eoin Morgan joined Kings XI Punjab for £240,066, while limited-overs opening batsman Jason Roy was sold to Gujarat Lions and all-rounder Chris Woakes was bought by Kolkata Knight Riders for £504,140.
Sam Billings was also kept on by Delhi Daredevils during the first round of the auction.
Fast bowler Mills is available for the whole tournament as he is limited to playing T20 cricket because of back pain.
England's other players may not be available for the full competition because of international commitments, beginning when England host Ireland in one-day matches on 5 and 7 May.