The other two likely to be released are Mandeep Singh and Andhra opener Ashwin Hebbar.
Bumrah damaged Delhi Capitals' batting line-up as he was at his best form, picking up three important wickets in his tally of 4 overs.
With MI at 95 for three in 14.3 overs, Pant made a strategic blunder as he refused to call for DRS after Tim David nicked the first ball of his innings and the on-field umpire didn't give him out.
Pant's decision to not review that turned out to be a blunder as David slammed 34 runs off just 11 balls with the help of two boundaries and four sixes to take the game out of DC's grasp.
While Ishan Kishan (48) and Dewald Brevis (37) kept MI in the hunt, it was Tim David's 11-ball 34-run cameo that brought the five-time champions back into the chase.
Shaw replaces Lalit Yadav in the must-win game for DC.
Arjun Tendulkar took to Instagram to share some visuals of him bowling to MI batters in the nets, giving rise to speculation about his debut in the Indian Premier League.
Though the Capitals have been an inconsistent lot this season, with seven wins and six defeats in their 13 games, there will be no margin for error, though, at the Wankhede Stadium on Saturday.
While DC have everything to play for, MI will like to cap off the season on a winning note although it would count for little for the five-time champions, who suffered due to poor auction strategy.
David Warner may have got out for a golden duck in the team's previous IPL match against Punjab Kings, but he made vital contributions in the field.
Shardul lauded his colleagues in the bowling department, saying frequent wickets always kept Punjab under the pump during their chase.
Despite a brave innings of 34-ball 44 from Jitesh Sharma, his innings did not prove to be enough as Shardul Thakur delivered big time in the contest, scalping four wickets.
"Delhi Capitals opener Prithvi Shaw has been discharged from the hospital where he was being treated for a bout of typhoid," DC said in a statement.
Ravichandran Ashwin was promoted after Rajasthan lost their best batter Jos Buttler, who is the 'Orange Cap' holder of the 2022 IPL with three centuries.
Marsh, Warner half-centuries help Delhi Capitals beat Rajasthan Royals by 8 wickets
DC lost Srikar Bharat in only the second ball of their innings to Trent Boult, who conceded just one run in the first over.
The Capitals have lost six of their 11 games and although they are fifth on the points table, they are bunched alongside Sunrisers Hyderabad and Punjab Kings.
As per the IPL protocol, Delhi Capitals will have to undergo another round of testing and till then all members will have to be isolated in their rooms.
David Warner slams season-best unbeaten 92, Powell keeps up death-hitting prowess to help Delhi Capitals beat Sunrisers Hyderabad.
SRH handed debut caps to Kartik Tyagi, Shreyas Gopal and Sean Abbott. Delhi made four changes, bringing in Anrich Nortje, Mandeep Singh, Khaleel Ahmed and Ripal Patel.