His nomination papers have been filed by his lawyers in Jaipur on Monday for the Dec 19 polls, according to media reports.
Sources said Modi is emboldened by the return of the BJP in Rajasthan under Vasundhara Raje as the chief minister.
Modi will be pitted against Ram Pal Sharma from Bhilwara District Cricket Association for the post of president.
Modi thus will challenge the Indian cricket board BCCI by fighting the polls. BCCI had banned him for life though he got a reprieve from the Rajasthan High Court on the move.
In September expelling him from the BCCI, the latter said: "Resolved that Mr. Lalit Modi is guilty of committing acts of serious misconduct and indiscipline, and therefore, in exercise of powers as per Regulation 32 of the Memorandum and Rules and Regulations of the Board, Mr. Lalit Modi be and is hereby expelled from the BCCI. He shall forfeit all his rights and privileges as Administrator," said the BCCI.
The BCCI had passed a resolution unanimously to expel Modi.
"He shall not in future be entitled to hold any position or office, or be admitted in any Committee or any member or associate member of the Board," it said.
Modi then moved court.
Modi, who is living in United Kingdom after facing a possible arrest in India if he returned, has got a reprieve from the UK authorities which told India that Modi cannot be extradited without a court request.
UK said only if a court order is backed by the request for extradition they would consider it.
Modi, who launched the IPL in 2008 and glamourised it with involvement of stars, is fighting a running battle with the BCCI.
Modi was suspended as chairman and commissioner of the IPL in April 2010 on various charges of impropriety. Modi publicly protested his innocence immediately after the 2010 Indian Premier League Final had been played.
An income tax department report on Modi claimed that he holds a silent stake in three IPL teams - the Rajasthan Royals, Mumbai Indians and Kings XI Punjab.
He is also under fire for allegedly helping his family and friends buy stakes in Indian Premier League teams.
Modi had his passport revoked by the Indian passport authorities on the basis of investigations against him by the Indian Enforcement Directorate.
--IBNS (Posted on 16-12-2013)