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Pat Cummins has been signed for $3.17 million in the IPL auction by Kolkata Knight Riders - the highest ever fee for an overseas player.

Pat Cummins's status as the No.1-ranked bowler in Test cricket has helped him pick up the biggest IPL cheque ever handed out to an overseas player.

Thursday's IPL auction saw the Australian quick signed by Kolkata Knight Riders for $3.17 million, eclipsing the $3 million fee Rajasthan Royals forked out for England superstar Ben Stokes in 2017.

Cummins, who last played in the IPL in 2017 with Delhi Capitals, will enjoy his second stint with KKR who he represented in 2015.

Allrounder Glenn Maxwell also cashed in with Kings XI Punjab picking up the mercurial Victorian for almost $2.2million despite his axing from the ODI tour of India next month.

Australia white-ball captain Aaron Finch was signed by Royal Challengers Bangalore for $900,000 - the eighth different franchise he has represented.

Big-hitting Queenslander Chris Lynn was signed by Mumbai Indians for just under $410,000.