Gilchrist will be reunited with former teammate Shane Warne in the Rest of the World line-up, which the spin legend will captain.
Retired batting icon Sachin Tendulkar will also be seen in cricketing gears once again as he will lead the Marylebone Cricket Club in the one-day game to mark the bicentenary celebrations of the historic club.
Fellow Australian Shaun Tait and New Zealand spinner Daniel Vettori have also been confirmed for the match.
The MCC XI will be managed by MCC President Mike Gatting and the Rest of the World XI will be managed by ex-South Africa all-rounder and MCC World Cricket committee member Shaun Pollock.
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Gilchrist, who played two Tests and six One Day Internationals at Lord's, averaged over 40 at the Home of Cricket during a career in which he took over 900 dismissals in 396 international matches. He was awarded Honorary Life Membership of MCC in 2012 and also delivered the MCC Spirit of Cricket Cowdrey Lecture at Lord's in 2009.
"There is something very special about Lord's and MCC and I can't wait to be back to celebrate such a special event with this fantastic club.
MCC President Gatting said: "The teams for this match are really taking shape now, and everyone both inside and outside MCC is really looking forward to Saturday 5th July. The prospect of watching Gilchrist keeping to Warne again is one that's sure to whet the appetite of any cricket fan.