The event is beginning on Sunday with the Qualifiers while England are set to open their campaign in the Super 10 stage match against New Zealand on March 22.
Stokes has sustained a fracture to his right wrist and has been ruled out of the tournament.
Woakes, 25, has played four T20Is in which he has scored 37 runs and has also claimed two wickets. His last T20I was against New Zealand at The Oval in June 2013.
The replacement of a player requires the approval of the Event Technical Committee before the replacement player can be officially added to the squad.
The Event Technical Committee of the ICC World Twenty20 Bangladesh 2014 consists of Geoff Allardice (ICC, chairman), Campbell Jamieson (IDI representative),  Mahbubul Anam (BCB Director), Khaled Mahmud Sujan (BCB Director and former captain), Russel Arnold (independent nominee) and Mpumelelo Mbangwa (independent nominee).


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