Pietersen would benefit from the Stanford deal but would Vaughan?
England's centrally-contracted players are negotiating over their share of any future Twenty20 winner-takes-all jackpot with Sir Allen Stanford.
The deal with the England and Wales Cricket Board is believed to include five one-off encounters in Antigua with the winners receiving £10m each time.
But captain Michael Vaughan, Matthew Hoggard and Steve Harmison do not feature in current limited-overs plans.
They are believed to want their cut of any win over a West Indies All Star XI.
The first Twenty20 match is set to take place on 1 November at Stanford's private ground where he is based in the Caribbean.
The deal is also set to include an annual international quadrangular tournament in England.
The series could be worth about £100m to the English game.
"The discussions with the ECB centrally contracted players and the England Twenty20 squad are one of the final parts to complete our agreement with Sir Allen which will benefit all areas of cricket," confirmed an ECB statement.
The deal is expected to be agreed with Stanford within a week.
The only sticking point was the use of Stanford's signature black bats, but a compromise appears to have been reached whereby they will be used in Antigua - where the matches will be deemed unofficial - but not in the four-nation event in London.
A statement from the England team, issued during the closing stages of the drawn first Test against New Zealand at Lord's, read: "We are confident that the ECB and PCA (Professional Cricketers' Association) will manage any and all of the players' issues on our behalf which are presenting great opportunities for cricket and its players."
The PCA added: "We are confident that this agreement will reward the players appropriately, develop the English game and deliver benefits to a wide range of cricketers."