The southpaw has written to BCCI, requesting a go-ahead signal to his comeback wish.
It was Bali who convinced Yuvraj to come out of retirement and mentor youngsters within the Punjab set-up. The cricketer having agreed to do so, wrote to the BCCI to give him permission to stage his return.
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The board's go-ahead signal is required as players are registered with their state associations before each domestic season.
"The confirmation hasn't come. The PCA has accepted his comeback. But we are waiting for communication from the BCCI," Bali told IANS.
Yuvraj, who ended his illustrious career for India last year, has actually been practising with the state team players at the PCA stadium in Mohali for quite some time. The 38-year-old is expected to play only the T20 format for Punjab.
Bali made his request to Yuvraj while he was part of an off-season camp. The motivation behind the idea is to have promising young talent rub shoulders with the legend and accelerate their growth in the process.
Yuvraj played 40 Tests, 304 ODIs and 58 T20Is and scored 10,000 international runs. He was key to India's successful 2007 T20 World Cup and 2011 World Cup campaigns.