Alex Hales has signed a one-year deal and will join Chris Morris as the second overseas player with the side.
Speaking ahead of his new journey, the legendary batsman said he is excited to play in the Big Bash League.
The new rule applies to the tied finals of BBL 2019-20.
If the Stars manage to sign the South African star, it would prove to be a huge marketing and business boost for the franchise.
It was earlier reported that De Villiers was close to inking a record deal with one of the teams.
The rule of only 2 foreign players in the playing XI will be intact despite roping in 6 overseas players which was 4 previously.
AB is currently playing the IPL for the Bangalore based franchise.
The all-rounder, who scored over 10,000 runs and took 291 wickets for Australia across formats, will continue to be available for overseas tournaments.
The South African superstar has shown interest in wielding the willow Down Under in the 2019-20 season.
Recently, the official Twitter account of the Big Bash League shared a video of a compilation of the best yorkers bowled by Matt Kelly.