Madley has conducted each of the previous auctions of the popular Twenty20 cricket league.
The 2014 IPL Player Auction is scheduled to be held on February 12-13 at the Mysore Hall, ITC Gardenia in Bangalore.
The proceedings will begin at 9:30 am and telecast live.
"It will be fascinating to see each team pit its plans and tactics against the other seven, in what promises to be an eventful auction. We have no doubt that the Player Auction will be as exciting and memorable as the seventh season of the IPL," Ranjib Biswal, Chairman, IPL, was quoted as saying in a press release.