Pietersen and Flintoff are coveted by IPL franchises
England players will have a three-week window to play in the Indian Premier League for the next two years after an agreement between the two boards.
They will be able to take part in the IPL once their one-day series in the West Indies has finished on 3 April.
The players will have to return before the start of the first Test against the same opponents at Lord's on 7 May.
Kevin Pietersen and Andrew Flintoff are set to be two of the hottest properties at the IPL auction on 6 February.
The England and Wales Cricket Board had initially offered just a two-week window for centrally contracted players to take part in the competition.
IPL chairman Lalit Modi had said this was unacceptable and insisted that England players must be available for a minimum of four weeks.
A compromise was finally agreed on Tuesday and ECB chief executive David Collier said: "The discussions held between our respective boards have been most productive.
"Our agreement is good for the players, the respective boards, our counties and for cricket.
"We look forward to welcoming India, the reigning ICC World Twenty20 champions, to England for the ICC World Twenty20 this summer and for the tour of England and Wales in 2011."
As part of the deal, every player who signs an IPL agreement will have to give 10% of their earnings to their county while the two boards have also agreed to schedule Test and one-day series every four years.
The boards are also working to try to ensure the 2010 IPL falls around the same time of year - this year's competition is from 10 April to 29 May - to prevent any further disruption to the English county season.
That is likely to involve talks with the International Cricket Council, who have already scheduled the first ever Twenty20 Champions Trophy tournament around that time in the Caribbean.
As part of the discussions, players who do not have a central contract with England have been given until 8 May to return to their counties - effectively giving them a month in which to play in the IPL.
All-rounder Samit Patel, who is in England's one-day squad but is not centrally contracted, Ravi Bopara, James Foster and Graham Napier could all benefit.
Pietersen is reported to be a target of several of the franchises and is set to go for more than £1m in the IPL auction.