Definitely Consumers / VP / Warden.
After that, not sure. There are several good locations: Birchmount, Agincourt Mall, Kennedy, Agincourt GO, Midland, but all those are spaced ~ 400 m apart. Certainly they will skip some of them, or combine (say, a western end of a station is 25 m from Agincourt GO, and the eastern end is 25 m from the Midland intersection). The exact number of stations and their locations depend on what they choose.
Brimley may or may not get a station. And finally, McCowan or STC, dependent on how they prefer to connect to Line 2.
The initial business case for the Ontario Line mentions that it assumes a Sheppard East subway extension with six stations, which Metrolinx doesn't go into details about. It'll likely be the same six analyzed in the original Sheppard Subway environmental assessment's McCowan alignment (which wasn't the recommended alignment back then, but is almost definitely the realistic alignment today because of the Line 2 East Extension to Sheppard/McCowan).Consumers and Victoria Park were to have station on Sheppard using LRT and never heard of Consumers been place as the map shows.
Since this is now an ML project, stations will be shifted and eliminated to reduce the cost. Since Victoria Park is an transit route, it will have a station with the box most likely on the west side of VP with an exit close to Consumers.
As for Kennedy and Agincourt, again the box will be on the east side of Kennedy with an exit close to Agincourt. This means longer walking distance in place of an LRT stops.
As for being elevated, I don't see that happen even though the line would open years sooner than tunneling. To deal with CP corridor, you have to be very high to get over it or go under it as well the GO Line and why I see tunneling being the option for the line.
The option for having the subway converted to an LRT saw a portal just west of Consumers, but was drop when the subway was to stop at Consumers underground with the LRT starting there on top of it..
TTC will have to have bus service to service Yorkland and Consumers as well the current route since stations will be beyond the 500 meter distance between LRT stops to the point some riders will be doing 2000m plus walks to get to a subway station.
You need more than Victoria Park, Warden, Kennedy, McCowan stations as you are defeating the needs of getting ppl out of the car and using transit instead if you do those stations. This what you get for using the wrong technology to please a few ppl at a huge cost and taking years longer than the right one.
In 14 years since the Sheppard LRT was supposed to happen, very few projects have been built on Sheppard with a few now happening. There are plans for a number of site that have come and gone over the years while other sites has seen development.
The subway beyond McCown is a pure waste of money and resources considering the current plan is over kill now.
So likely stations at Consumers, Victoria Park, Warden, Kennedy, Midland, and Sheppard/McCowan.