Apart from Prasad and Joshi, former fast bowler David Johnson will also be seen in action, playing for All Stars Celebrity team (Rockstars) led by Sandalwood star Kiccha Sudeep.
Karnataka's current India players will be the star attractions including the likes of R Vinay Kumar, Stuart Binny, Robin Uthappa, K L Rahul.
Karnataka's Ranji players Abhimanyu Mithun, Manish Pandey, Sreenath Aravind, Karun Nair, CM Gautham, Mayank Agarwal, Shreyas Gopal, Ronit More, KC Cariappa and Jagadeesha Suchith, who were part of the Indian Premier League, will also be seen in action.
KPL 2015 will be played in Mysuru and Hubbali from August 26 to September 13, former Test batsman and Karnataka State Cricket Association secretary Brijesh Patel said in Bangalore, on Thursday.
This year's tournament will have a new team -- Namma Shivamogga -- along with seven other teams - Mysuru, Hubballi, Mangaluru, Bijapur, Ballari, Belagavi, and All Stars, which participated in last year's KPL.
This year KSCA has introduced Qualifier one and Qualifier two and Eliminator, on the lines of IPL.
Patel also said KSCA is making efforts to convince the Board of Control for Cricket in India to permit them to buy two players belonging to other states to make KPL even more interesting.
However, he expressed his disappointment at some reservation on the the matter and said, "when the host cricket board has no objection of having non-resident players for KPL, there shouldn't be any problem."
Patel said each franchise will be allowed to retain two players and the players' auction will take place in Bangalore, on July 25.
Image: Venkatesh Prasad celebrates a wicket during a Test match against Sri Lanka in Kandy, in August 2001.
Photograph: Reuters