Gerrard, Jamie Carragher, Daniel Agger and Steve McManaman will be part of the Liverpool team who will play a post-season friendly against A-League side Sydney FC next month as part of the club's 12th anniversary celebrations.
Retired since hanging up his boots in November last year, club legend Gerrard is reportedly set to become Liverpool's under-18's manager next season but before then, he will play alongside the likes of Philippe Coutinho and Roberto Firmino at ANZ Stadium.
"It will be an honour to pull on the red shirt and play football with an outstanding squad and former team-mates – this is what Liverpool is all about, celebrating the family that has been around for 125 years," Gerrard said.
"Our fans in Australia always give us a warm welcome, so it'll be a great feeling to see the ANZ Stadium turn red on May 24."
"The best thing you could have seen was the eyes of Stevie when I told him - or asked him, actually, what he would think about it. 'You want me to play?!' I thought I would have to convince him...he said 'Yes, of course, when?'" Klopp told the club's website.
"I thought we have to show the whole LFC package - that means the actual squad and a few of our legends," Klopp said.
"They are still young enough and look good enough in the kit that we can show them.
"So, use the opportunity that we still have. It's good for the players and I think the supporters will enjoy it."
Liverpool are third in the Premier League and on track to qualify for the Champions League with six matches remaining.
Klopp's Liverpool host Crystal Palace on Sunday.