The England all-rounder, contracted with Chennai Super Kings, has been ruled out of the fourth Test against West Indies due to a hip injury.
ECB Chief Executive David Collier said they can not risk Flintoff's availability for Ashes.
"We'd be concerned if any player was carrying an injury that may affect his participation in the Ashes series and we'll look at that as we move forward," Collier said.
Flintoff together with Kevin Pietersen had fetched record $1.55 million contracts to join IPL for its second edition, beginning in April.
Collier was optimistic that if they decide against Flintoff's participation, it will not sour their relations with the IPL organisers.
"There are medical clauses. The IPL are very responsible in that area and we have very, very strong relationships with Chennai. Andrew's own team [Lancashire] will also be looking at the injury prognosis.
"We would need to review it, obviously this has only just happened. But there are injury provisions in both sides of the contracts," Collier told BBC Radio 5.