The 21-year-old played six twenty/20 matches for the Volts during their successful 2008-09 campaign but has been sidelined with sickness for the past 18 months.
However, he has returned to full fitness and impressed with some solid bowling performances during a warm-up match against Canterbury in Lincoln last week.
"He was very impressive in Lincoln," Otago coach Mike Hesson said.
"He bowled superbly in the first game against Canterbury, bowling 32 overs on the trot. He's also in good form with the bat as well and adds a bit of length to our batting.
"He deserves his opportunity and once we see the surface we'll make that call."
If Craig is selected in the playing XI, he will be making his first-class debut.
However, with left-arm spinner Nick Beard and part-time legspinner Aaron Redmond also in the squad, Craig's contribution could be limited to the 12th man duties.
Otago has named a squad of 13 to cover for Nathan McCullum, who has been away with the New Zealand team at the Hong Kong Sixes and will missed the first day.
He is likely to replace either Darren Broom or Craig in the playing XI.
Experienced seamer Warren McSkimming has recovered from his stomach complaint but was not considered.
"He is OK but hasn't been able to get his loads up. So it would be too risky to play him in the first game."
Left-armer Craig Smith (hamstring) and medium pacer Anthony Bullick (groin) have also been ruled out with injury.
Northern Districts will be without wicketkeeper Peter McGlashan, who is recovering from a broken finger.
Nineteen-year-old Owen Ivins will take the gloves in McGlashan's absence following some strong performances during the side's spring camp.
Offsetting that loss is the return of Scott Styris.
Styris has been captaining New Zealand at the Hong Kong Sixes and, like McCullum, will miss the opening day.
Keir Bettley will join the Knights as cover.
Northern Districts thumped Otago by 10 wickets in the opening round last summer thanks to a fine century by Joseph Yovich and a seven-wicket haul from Brent Arnel.
Even without Arnel, Tim Southee and Daniel Vettori, who are on national duty, Northern still boasts an impressive bowling line-up, which includes the likes of promising left-armer Trent Boult and experienced campaigners Graeme Aldridge and Bradley Scott.
