No replacement has been named yet, according to reports.

Yuvraj, who was the icon player of the franchise, led them to the semi-final in the first edition. But with a 7-7 win-loss record, the team failed to make the last four in the second edition played in South Africa earlier this year.

Yuvraj himself had a decent season with the bat and took two hat-tricks with his left-arm spin.

It isn't clear what has led to Yuvraj's exit. There are ready replacements available for the franchise, with Sri Lankan captain Kumar Sangakkara and former skipper Mahela Jayawardene among those in the squad.

When asked, Sangakkara denied the rumours. "I haven't heard anything about it. I'm still waiting to hear. I think Yuvraj is a good captain and he's done a good job for Punjab and it's the final year before everyone goes back into auction. So, I'm sure he's looking forward to doing well for Punjab. But I haven't heard anything about the captaincy."