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Archer is a doubt for the Ashes starting at Edgbaston on June 16.
The report, however, doesn't state which are the franchise that have approached and who are the players involved in the discussion.
The ECB looked into the matter and said its anti-corruption code does not prevent players or coaches from becoming brand ambassadors for betting organisations.
The former New Zealand captain appeared in an ad for a Cyprus-registered online bookmaking company.
The knee issue has long bothered Stokes, 31, and it had him grimacing in pain throughout the drawn two-Test series with New Zealand.
The high price tag brings along with it huge expectations and many a time the players have failed to fire, thus leaving the franchises rue their decision to spend so much on them.
The ECB, however, cleared all-rounder Liam Livingstone, who is coming back after recovering from his knee and ankle injuries, to play in the IPL.
Out-of-form opener Jason Roy was dropped from the squad for the tournament in Australia.
The 31-year-old took a rest from the sport last year to focus on his mental health as he was suffering from a series of panic attacks following the loss of his father to brain cancer almost two years ago.
The all-format player has potentially sustained a right knee injury.