Giggs has still to decide whether to play on for Manchester United.
But along with fellow 'Class of 92' graduates Gary and Phil Neville, Paul Scholes and Nicky Butt, the 40-year-old will play in the fundraising game.
"It will be good to play with each other again," said the ex-Manchester United players. "We are going to ask some familiar faces to play with us."
Despite being the oldest member of the group of players from Manchester United's 1992 youth team that went on to shine at the highest levels of the game, Giggs is the only one still playing.
The Welshman, who is currently interim manager at Old Trafford following the sacking of David Moyes, is heavily involved in a Salford City project that is being driven by Gary Neville.
The Neville brothers, Scholes and Butt have all confirmed their involvement in August's match, although there is no mention of the sixth member of the famous group, David Beckham.
The game will be played at the AJ Bell Stadium - home of Sale Sharks rugby union team and rugby league side Salford Red Devils - after Manchester United return from their pre-season tour of the United States.
And the money raised will go directly to non-League Salford City, who aim to give opportunities to local youngsters, and eventually make it into the Football League.
"This will be an exciting start for the new season, for the players, the club and most of all the fans," said Salford City chairman Karen Baird.
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