Pietersen valued at £1million

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Kevin Pietersen is unsurprisingly the most expensive Englishman on the auction list, which features 148 players in total, with a minimum price of $1.35million (£1.02million).

Other England players involved in the auction, which gets under way on February 6, include Andrew Flintoff, Monty Panesar, Steve Harmison, Paul Collingwood, Ian Bell, Matt Prior and Owais Shah, while former internationals Darren Gough and Dominic Cork are also on the list.

Flintoff has a minimum price of $950,000, Harmison and Collingwood $250,000, Bell $200,000 and Prior $150,000.

Modi told Sky Sports News: "This (the price) is based upon the 14 league games (not including the semi-final or final). If they play 10 of the 14 games they get paid according to ratio. If they play seven they get half."

Modi also dismissed suggestions that a deal for Pietersen has already been done.

"That is not the case," he said. "The rules prohibit that. All players must go through the auction. They must be picked through the auction at hammer price.

"The names go into a category - Kevin Pietersen is in category A, along with Andrew Flintoff. Each category will go for auction by itself. Category A will start at $1.35m and then go up in increments, maybe of $50,000 or $100,000."

The other English players involved in the auction are Ravi Bopara, Robert Key, James Foster, Shaun Udal, Ryan Sidebottom, Graeme Swann, Luke Wright, James Anderson, Sajid Mahmood, Ed Joyce and Middlesex's South African Twenty20 specialist Tyron Henderson.