The midfielder will be honoured by the Reds when Olympiacos come to Anfield on Saturday, August 3. All proceeds raised will go to charity.
"He thoroughly deserves it," said Rodgers. "He's been an incredible player for the football club and like the man that he is, he didn't want the testimonial to get in the way of our preparations.
"It's something that he will thoroughly deserve and should be a great day for him."