The two teams will be making a comeback to the mega tournament after being banned for two years due to spot-fixing, which took place in 2013.
For Chennai Super Kings, MS Dhoni's return will be the biggest positive, with the Jharkhand cricketer also set to resume captaincy.
This will arguably be the biggest IPL auction since the start of the tournament in 2018, with a lot of big names set to feature in the two-day event.
Ahead of the annual tournament's next edition, here is everything you need to know about the auction.
When will the auction be held?
The auction will take place on January 27 and 28.
Where will the auction take place?
The auction will take place in Bengaluru.
What is the Right to Match (RTM) rule?
The Right to Match (RTM) card is the latest inclusion to the new rules, which allows a franchise to retain a player for the same price as that of other franchises who are bidding for the same player.
For example, if Axar Patel is bid by Delhi Daredevils for Rs 3 crore, his current team Kings XI Punjab will have the option to retiain him through the RTM card for the same price. The teams can retain three of their players through this rule.
What is the rate of the latest salary cap for players?
Another big relief for the teams is the increase of the salary cap, with the price being increased to Rs 80 crore from the previous rate of Rs 66 crore.
Meanwhile, the franchises have the option to retain three players before the auction. However, by doing so, a total of Rs 33 crore will be deducted from the purse- Rs 15 crore for first player, Rs 11 crore for second player and Rs 7 crore for third player.
If a team, however, decides to retain an uncapped player, then an amount of Rs 3 crore will be deducted from the purse.
Meanwhile, Chennai Super Kings and Rajasthan Royals will be able to retain players for the teams which they have played. For example, Steve Smith, who played for Rising Pune Supergiants, can be retained by Rajasthan Royals only, and not Chennai Super Kings, as he has played for RR.
A team will be able to retain three capped India players, two uncapped Indian players and two overseas players....