A total of 30 players, 20 Indians and 10 foreigners, will train at the Cricket Club of India in Mumbai ahead of the one-off game.
The teams will be called IPL XI and BCCI XI and the game will be broadcast live on Star Sports from 2.30 pm local time.
The IPL Governing Council recently approved the initiative amid calls for a women's IPL, following the Indian team's final appearance in the World Cup last year.
Like the IPL, seven Indians and four overseas players will make the playing eleven.
It has been learnt that all players will be paid match fees and a daily allowance while a business class return ticket will be provided to the overseas cricketers.
"This is another important step in the promotion of women's cricket. I am confident that this experiment will lead to a women's IPL in the near future," CoA member and former India captain Diana Edulji told PTI.
The BCCI has approached the boards from Australia, South Africa and England, and the names of the foreign players will be announced soon.
The Indian women's selection committee will name the players later this week.
First Published: May 12, 2018, 6:06 PM IST