The fast bowler silenced the crowd of 100,000 in the final in Ahmedabad when he bowled out Indian hero Virat Kohli and was widely praised for his captaincy in helping Australia to the title.
The 30-year-old Cummins, who previously set an auction record of $2.17 million on contract with Kolkata Knight Riders in 2019, will enter with a top base price of $240,000.
Josh Hazlewood, Travis Head, Josh Inglis, Mitchell Starc, Steve Smith and Sean Abbott will be among the other Australian World Cup winners in search of a payday.