The team will include several of Zidane's team-mates from France's 1998 World Cup triumph, including Robert Pires and Marcel Desailly, as well as Danish great Jesper Olsen and Swiss international Fabio Celestini.
Aime Jacquet, who coached Les Bleus to their 1998 triumph, will oversee the team as they take on an all-Australian line-up composed of members from the Socceroos' 1997-98 World Cup qualifying, including Tony Vidmar, Craig Foster, Paul Okon and Stan Lazaridis.
Current Socceroo Tim Cahill believes the match will be a wonderful chance for Australian fans to witness one of the world's greatest ever footballers in action.
"David Beckham was here (in Sydney) recently and he's one of the most iconic and marketable players in the world," said the Everton midfielder, referring to last year's friendly between Sydney FC and LA Galaxy.
"But 'Zizou' is one of the biggest players in the world. He is poetry in motion, and he so passionate about football.
"What a special opportunity this is for Australian kids to see him."
The match will take place on June 1 at the Sydney Football Stadium, and Zidane will hold a coaching clinic for children the following day between 3-5 PM at the same venue.
Promoter Alain Barataud claimed kids were the key to getting the Real Madrid legend to Australia.
He said: "Once he found out it was for kids, he said OK, no problem, and he is donating his services for free."