An FA legends XI, led by Hodgson, will take on the current British Army team, who will be managed by Pearce.
Jens Lehmann, Gary Neville, Gareth Southgate, Paul Merson, Ledley King, Matt Le Tissier and Dietmar Hamann have already been confirmed as players for the FA Legends side for the game on 18 May.
The FA have donated £10,000 to help the event, with ticket sale proceeds helping service charities that promote sporting opportunities for soldiers, including wounded personnel who play sport as part of their rehabilitation.
The fixture will also form part of the FA's 150th anniversary celebrations.
"We at the FA greatly value our close relationship with the Armed Forces and believe that we should celebrate their work whenever possible," said chairman David Bernstein.
"In fact, the Army has a proud heritage with the Football Association going all the way back to our formative years in the 1860s.
"This match will be more than fitting, especially with the Army FA marking their 125th anniversary."
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