The chances of both being selected for the Twenty20 tournament's ninth edition are understood to be high, given their timely January form.
The two new franchises, Rajkot and Pune, need to flesh out their rosters after the Kolkata Knight Riders and Rajasthan Royals were suspended for two years for the role their officials played in spot-fixing and illegal betting.
The new franchises' salary budgets must fit between 40 to 66 crore ($9.2 to $15.1 million).
The cut-off for IPL applications was last week, just after Munro hit the second fastest T20 international half-century off 14 balls to beat Sri Lanka at Eden Park. He backed up with 56 off 27 against Pakistan. Mumbai selected him to cover injuries last season, but he never played.
Guptill's limited overs form has been outstanding for the past year.
In 31 ODIs he averaged 57.11 with a strike rate of 99; in eight T20Is he averaged 50.14 with a strike rate of 160. Last year he scored the most ODI runs (1489), including the 237 not out World Cup record in the quarter-final against the West Indies. He is yet to play in the IPL.
If both are selected they will join the largest contingent of Kiwis at the tournament, a reflection of New Zealand's limited overs strength in the Mike Hesson/Brendon McCullum coach/captain era.
Greg Dyer, head of cricket at player agency Essentially Group, says New Zealand is seen as strong worldwide.
"There's an increased level of interest which extends beyond those players in the top tier. We're talking to a number of teams in the IPL and CPL [Caribbean Premier League].
"The questions are often around availability, which, for the New Zealanders, is quite good this winter because they don't have many international commitments.
"We're confident a number of contracts will be secured, and rightly so," he said. "There's some real depth with the world-class players New Zealand is producing."
However, Dyer said it could come down to timing as much as form.
"If your name comes out of the hat to be auctioned late, teams might already have spent their cap, so there's a bit of luck involved."
On current exchange rates, McCullum is valued the highest of the New Zealanders. With Kolkata's suspension, the Rajkot franchise bought him for $1.6 million last month.
Corey Anderson's salary is worth about $1.02 million with Mumbai, Trent Boult's is $869,000 with Hyderabad while teammate Kane Williamson is a relative bargain at $137,000.
The quartet will be joined by Adam Milne (Bangalore) and Mitchell McClenaghan (Mumbai).
Former Rajasthan squad member Tim Southee, Grant Elliott, Nathan McCullum and Jimmy Neesham are understood to be seeking contracts.
To complete the IPL posse, former captains Stephen Fleming and Daniel Vettori are the respective coaches at Pune and Bangalore.
Ross Taylor (Sussex) and Matt Henry (Worcestershire) have opted for English county contracts while Luke Ronchi is also expected to sign there, after playing for Somerset last year.
The first IPL match will be played five days after the World T20 final, also in India.
Kiwi IPL deals
Brendon McCullum: $1.6 million
Corey Anderson: $1.02 million
Martin Guptill: $1m (speculative)
Trent Boult: $869,000
Colin Munro: $500,000 (speculative)
Kane Williamson: $137,000
- by Andrew Alderson
