Petrov was diagnosed with acute leukaemia in March last year. The former Bulgarian international retired from football this year but is now in remission.
The #19 Legends match, named after the shirt number Petrov wore in his career, will be contested by a Celtic XI and a star-studded side put together by Petrov.
The match at Celtic's Parkhead home on Sunday will raise cash for charities nominated by the midfielder, who also played for Aston Villa.
Petrov has a glittering line-up ready to play including Neil Lennon, John Terry and One Direction singer Louis Tomlinson. He said: "I said to Neil Lennon I don't want to lose to you so I'll make sure I've got a good team, so I can win that game … I'll try to play as well a little bit."
Former Celtic bosses Martin O'Neill and Kenny Dalglish will take charge of the teams.