Organised by the Elite Players Group, it will consist of eight teams: England, Argentina, Brazil, France, Spain, Germany, Italy, and Uruguay.
EPG is made up of sports businessmen and former greats to grace the game along with who will captain their respective sides.
According to the Daily Mail, the tournament will take place in England at the beginning of June.
Liverpool and Real Madrid legend Steve McManaman will captain England.
Michael Owen, Ashley Cole, Joe Cole, Rio Ferdinand, David James, Frank Lampard, and Robbie Fowler are all expected to feature for the Three Lions.
read more on talkSPORT
Keane names two ways for Ten Hag to keep his job, as Neville says owners have big decision
Arsenal fans and Piers Morgan laughing at Jamie Carragher over celebration 'pain'
Esteban Cambiasso (Argentina), Emerson (Brazil), Christian Karembeu (France), Kevin Kuranyi (Germany), Marco Materazzi (Italy), Michel Salgado (Spain), and Diego Lugano (Uruguay) are all set to captain their countries.
Players who have made 100 club appearances or been capped by their country are only allowed to be involved in the competition.
Kaka, Ronaldinho, Roberto Carlos, and Rivaldo are also set to be part of the Brazil squad.
Fabio Cannavaro and Francesco Totti are set to take part for Italy, while Henry and Marcel Desailly will form part of the France team.
Most read in Football
Lisandro Martinez ruled out until at least April after Man United star's injury setback
Mauricio Pochettino not in immediate danger of being sacked as Chelsea boss
Premier League fixture amendments has bizarre new kick-off time for Liverpool vs Man City
Joe Worrall set for Nottingham Forest exit despite transfer window being shut
Paddy McGuinness reveals that Ronaldinho was like a space cadet after a weekend with Mike Tyson and he took him, Cafu and Dida for a Greggs ahead of Soccer Aid
In Germany's ranks, there will be Mesut Ozil and Sami Khedira, with Argentina expected to confirm Hernan Crespo and Pablo Zabaleta.
Spain's side is likely to include David Villa and Carles Puyol, and it remains to be seen if Iker Casillas gets the nod between the sticks.
Starting eleven's will consist of 11-a-side line-ups, and the game will be 70 minutes long, with teams able to use roll-on substitutes.
The quarter-finals are scheduled for June 4 and 5, with the semi-finals on June 8 before the final three days later.