The 38-year-old will take the field at ANZ Stadium following an agreement between Football Federation Australia and the veteran's management.
Cahill called time on his illustrious international career after the 2018 FIFA World Cup, and departs the national team with 107 caps and a record-50 goals to his name.
The tribute fixture falls three days after Graham Arnold's men face South Korea at Suncorp Stadium and will provide the public with a chance to see the former Millwall and Everton star one final time on home soil.
"We are delighted to have worked with ANZ Stadium to lock in another quality match for the Caltex Socceroos in Australia in 2018," FFA CEO David Gallop said.
"ANZ Stadium has played host to many memorable Caltex Socceroos fixtures in the past, so we’re sure that both supporters and players will be pleased with the news that they will return to the venue this November.
"Sydney is also home to over 165,000 people with Lebanese heritage. We look forward to the opportunity of engaging with the Australian-Lebanese community over the coming months leading up to the match, and expect to feel a real party atmosphere inside ANZ Stadium on game day as the Australian-Lebanese community comes together."
A determined and driven figure, Cahill's playing career could yet continue with Indian Super League side Jamshedpur FC reportedly in advanced talks over a deal.
Despite the fitting farewell, Arnold will likely use the clash against 79th-ranked Lebanon to test and evaluate his squad before their pre-Asian Cup camp commences in late December.
"Over the coming months we will have three clear opportunities to develop as a squad ahead of the AFC Asian Cup," Arnold said.
"We will start this process next week with our camp in Turkey and continue to build in October.
"In November, the fixtures that have been scheduled in Brisbane and Sydney will provide us with valuable match minutes against strong Asian opponents, and this will only help us to improve as a team.
"The players are excited to return to Australia to play in front of their families, friends, and fans, so we look forward to playing in front of large vocal crowds at both matches."
