The Legends Trophy, put together by Ace Events, will see the Chris Nicholl XI take on the Colin Gibson XI on Sunday, July 10 (1pm).
Former Villa star and Walsall boss Paul Merson will captain one of the sides for the clash, with tickets priced at £10 for adults and £5 for juniors and all profits going directly to supporting former players suffering with dementia.
Organiser and ex-Saddlers player Wayne Thomas said: “We’re proud to have been asked to put on another event by the families of Chris and Colin. Sadly, dementia is becoming more and more prevalent in former players and we’re looking to raise as much funds as possible to support affected families.
“We’re bringing in a lot of former players to enjoy a game of football in the sunshine while raising money for such an important cause.
“We’ve linked up with the Jeff Astle Foundation and all profits will go directly to dementia care of former players.”
Nicholl, who twice won the League Cup as a player with Villa before guiding Walsall to promotion from the Third Division as manager, has dementia and now lives in Southampton.
Gibson – part of Villa’s European Cup-winning side and also the Saddlers team that went up under Nicholl – revealed he had been diagnosed with early-onset dementia just last month.
Ace Events also held a charity match at Rushall last year in honour of Nicholl, with former Southampton stars Matt le Tissier and James Beattie playing. Legendary ex-Walsall boss Ray Graydon was also in attendance along with then-Villa chief Dean Smith, who also spent four years in charge at Bescot.
Former Saddlers striker Kevin Wilson will be manager of the Nicholl XI.
Merson will be joined by Chris Marsh, Adi Viveash, Charlie Ntamark, Darren Byfield, Andy Butler and Tony Barras for the game. Stephen Ward, Don Goodman and Michael Kightly are also set to be involved, with more names due to be confirmed.