The league's 13th edition remains indefinitely postponed due to COVID-19 pandemic.
Wadia also thinks it is too early for the Board of Control for Cricket in India (BCCI) to take any decision on the fate of the league's 13th edition, given the level of uncertainty on when things will return to normalcy.
The BCCI is looking at possible new windows for the tournament to be held at some stage this year, potentially replacing the T20 World Cup in October-November slot, if the ICC decides to shift its showpiece event to another year within the ongoing FTP cycle.
"IPL is an international tournament made by Indians. It is the premier cricketing event in the world; therefore, it needs an international platform and international stars," PTI quoted Wadia as saying.
"But it remains to be seen which of the foreign players are allowed to travel at that time (considering the restrictions)."
"I feel there are too many variables for the BCCI at the moment to even have a calculated guess on when it might happen. What if tomorrow the (COVID-19) cases keep rising? What happens then? It would be unwise to think of anything other than COVID-19 for the moment."
Even though each playing XI features seven Indian players at a time, foreign stars have been key to IPL's rising popularity over the years. For franchises, apart from their playing ability, overseas players are extremely important in terms of fan-connect and sponsorship.
Considering all things, Wadia stressed, it wouldn't be wise to rush things and the IPL should only take place when the time is right.
"The most important thing for all of us is to deal with the current situation. It could last another month or two, may be more. Once the virus diminishes, then we can have more clarity on when the IPL can be held and where it can be held," said Wadia.
"I am sure the Indian audience will be happy to see the IPL after what we have been through. Football in Germany has already started and EPL is starting soon, but they (European nations) have already peaked (in terms of COVID-19 cases), while we have not."
"I see the possibility of IPL happening but it is all about combating the virus for the next two months at least," he added.
Medical experts are reportedly pointing out at a peak period of the pandemic in India in July-August.
The BCCI faces losses upto INR 4,000 crores if the IPL 2020 doesn't take place this year.
(Inputs from PTI)