Gibbs' agent Donne Commins told the Afrikaans daily Beeld here that the player would be available for the IPL side and Cape Cobras will be compensated because Gibbs would not be available to play for them.
Gibbs helped Deccan Chargers win the second edition of the Indian Premier League which was shifted to South Africa because of security concerns during the elections in India.
The Cape Cobras and the Diamond Eagles are the South African teams in the USD 6mn Champions League which will also have leading Twenty20 sides from England, New Zealand, Sri Lanka, Australia participating in the mega-event to be held from October 8-23 in India.
The Cape Cobras, who beat the Diamond Eagles in the final of the Pro20 series in South Africa this year, will play against the Royal Challengers Bangalore in the opening game of the Champions League.
Although their IPL teams have not qualified for the Champions League, two other South Africans who excelled in the IPL series here, Rajasthan Royal's Graeme Smith and Mumbai Indian's JP Duminy, may well also be playing for the Cape Cobras in India.