Prannoy, a former top-10 player who made a strong showing before losing in the quarterfinals of the India Open to Lakshya Sen last week.
The Syed Modi International Tournament in 2022 will take place at the Babu Banarasai Stadium in Lucknow and will last for five days.
Sindhu, who had finished runner-up at Swiss Open and World Tour Finals last year, will hope to turn things around this week.
At the season-opening India Open on Sunday, the 20-year-old from Uttarakhand surprised world champion Loh Kean Yew.