Pietersen and his England team-mate Andrew Flintoff, who is injured, are of great interest to the IPL organisers because of their flamboyant style.
IPL organiser Lalit Modi told BBC Sport on Thursday that "most of the England players" wanted to play in the competition.
But Pietersen, who was born in South Africa and had a four-year apprenticeship in county cricket before being promoted to the Test squad, said his loyalty to England was greater than the lure of a big pay-day. "Money's not really too important, it's not as if I need money right now. I'm really enjoying doing what I'm doing," he added.