The Board of Control for Cricket in India (BCCI) announced the designated rights would be a 10-year period for television and five for digital platforms.
The board's current deal with Sony Pictures Network India (SPNI) expires after the 2017 IPL edition.
BCCI president Anurag Thakur called the bid "historic" as he presented the layout of the tender bid's terms and conditions.
"IPL is the most popular cricket league in the world...so it is very important for us to make it transparent when we announce the next tender process ," Thakur told reporters in New Delhi.
World Sports Group bagged the IPL television rights in 2008 for a 10-year period for $918 million. It signed a deal with Multi Screen Media Pvt Ltd (MSM) making Sony the official broadcaster.
The contract was redone before the 2009 IPL , with Multi Screen Media working out a $1.63 billion deal for nine years with the BCCI.
The IPL has emerged as one of the most popular Twenty20 leagues in the world with international stars participating in the tournament played between April and May.