Tiwari plans to call on IPL Commissioner Lalit Modi to discuss the issue.
He said his team will represent the Bhojpuri speaking areas.
"As per the IPL format, each team should have four foreign players. My team will have foreigners of Indian origin as there are several families from UP and Bihar who have settled abroad for generations," Tiwari said in a statement.
He said that there were no concerns over the costs of raising a cricket team, as there is no shortage of funds with Bhojpuri population.
"This is not a question of money. Our aim is to promote Bhojpuri language and its people. I have decided to keep side Rs two lakh from my remuneration of each film towards sport and promotion of players in the Bhojpuria area. The money would be utilised not just for cricket but also hockey, football and athletics," Tiwari said.
The Bhojpuri filmstar said he wants Team India captain M S Dhoni, who hails from Jharkhand to be the "brand ambassador" of his team.
"I would also like Amitabh Bachchan to be associated with this project," he added