Ben Stokes has been cleared to cash in on the Indian Premier League despite being barred from playing for England.

Stokes was bought for £1.7m ($NZ3.2m) last year when he played for Rising Pune Supergiants in the auction, thesun.co.uk reports.

He could receive much more in the latest IPL auction with the salary cap increased by 20 per cent.

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Ben Stokes returns to England from New Zealand

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Stokes, 26, is still suspended by the England and Wales Cricket Board following a late night incident on a night out in Bristol last year.

But the ECB have given permission for him to be in the list of players available to compete in this year's competition in India.

This could lead to Stokes being one of the highest paid players in the IPL while still being unable to take part in international cricket.

The ECB imposed a suspension on the player in September after it emerged he was involved in a fight while on a night out with England teammates.

It meant the all-rounder was unable to be part of the Ashes squad currently touring Australia while police investigated the incident.

The ECB will only meet to decide on their stance going forward when the Crown Prosecution Service make their decision, which is expected to be later this month.

There had been a hope the situation would resolve itself in time for the player to link up with the England squad in time for the third Ashes Test.

But with the delay in deciding if any criminal charges would be made, there was no chance of him being able to board a plane to Australia.

Instead, Stokes opted to take advantage of his downtime by flying out to New Zealand to visit his family while on a short-term deal with Canterbury.

Stokes played six matches during his stint with the side.