The global event is scheduled to commence in October with Australia set to host the T20 competition for the first time ever.
However, clouds of uncertainty continue to hover over the T20 World Cup in the context of restrictions on foreign travel and the effort required in setting up bio-secure venues.
In the event that the showpiece event is postponed amidst this unprecedented crisis, Cummins feels the IPL can fill up the void.
"If that opens up a window I think the IPL would be a great fit," the right-arm pacer told media in Sydney.
The 27-year-old became the most expensive overseas player in IPL history when he was snapped up by Kolkata Knight Riders for $2.17 million at the auction in December.
While Cummins maintained he was hopeful of a return to international cricket, he felt staging the IPL this year would be a huge boost to the game.
"You have millions and millions of people watching that tournament around the world... potentially even more after a long break off cricket," he said.
"There's a lot of reasons why I would want it to go ahead but the main one is it's a great tournament."
The IPL was originally supposed to begin on March 29 but the BCCI has indefinitely postponed the cash-rich competition.
Organisers are thus eyeing the return of IPL in October, leading to a schedule clash with the T20 World Cup.
Having been forced to spend his time at home due to the nationwide virus lockdown for an extended period, Cummins expressed his eagerness to get back to the cricket field.
"I’m just about ready to get back into it and ready for that next tour," he said.
A decision on the future of the World Cup is expected to arrive in the aftermath of Thursday's ICC board meeting where all potential alternatives will be discussed.