India, Australia and New Zealand all named 30-man squads for the tournament in September and October.
But the biggest revelation was the selection of 30-year-old Yuvraj, who has played 37 tests, more than 250 one-dayers and 23 Twenty20 internationals, but has not appeared in any form of the game since last November when he was diagnosed with lung cancer.
He underwent chemotherapy in the United States before returning to India in April to continue his rehabilitation.
The player of the tournament at last year's 50-over World Cup won by hosts India, Yuvraj told ICC media last month he had started training in the hope of playing for India at Twenty20's showpiece event in Sri Lanka in September and October.
Yuvraj played a major role in putting the shortest form of the sport on the map when he blasted six sixes in one over off England's Stuart Broad at the inaugural World Cup in South Africa in 2007.
India squad: MS Dhoni, Virender Sehwag, Gautam Gambhir, Virat Kohli, Rohit Sharma, Suresh Raina, R. Ashwin, Pragyan Ojha, Umesh Yadav, Ashok Dinda, Ajinkya Rahane, Manoj Tiwary, Rahul Sharma, Vinay Kumar, Zaheer Khan, Yuvraj Singh, Robin Uthappa, Irfan Pathan, Yusuf Pathan, Mandeep Singh, Piyush Chawla, Ravindra Jadeja, Shikhar Dhawan, Ambati Rayudu, Harbhajan Singh, Munaf Patel, Naman Ojha, Dinesh Karthik, Praveen Kumar, L. Balaji
Australia Squad: George Bailey, Travis Birt, Dan Christian, Pat Cummins, Xavier Doherty, James Faulkner, Aaron Finch, Ryan Harris, Ben Hilfenhaus, Brad Hogg, David Hussey, Michael Hussey, Mitchell Johnson, Ben Laughlin, Mitchell Marsh, Shaun Marsh, Glenn Maxwell, Andrew McDonald, Clint McKay, Dirk Nannes, Stephen O'Keefe, Tim Paine, Rob Quiney, Steven Smith, Mitchell Starc, Adam Voges, Matthew Wade, David Warner, Shane Watson, Cameron White
New Zealand squad: Ross Taylor (c), Michael Bates, Trent Boult, Doug Bracewell, Neil Broom, Dean Brownlie, Colin de Grandhomme, Andrew Ellis, Daniel Flynn, James Franklin, Martin Guptill, Roneel Hira, Anaru Kitchen, Tom Latham, Brendon McCullum, Nathan McCullum, Peter McGlashan, Andy McKay, Kyle Mills, Adam Milne, Tarun Nethula, Rob Nicol, Jacob Oram, Tim Southee, Daniel Vettori, Neil Wagner, BJ Watling, Kane Williamson, Luke Woodcock, George Worker