Waddock made more than 200 appearances for the west Londoners following his debut in 1979.
The 50-year-old then re-joined the club as part of their coaching staff, before becoming manager in 2006.
Waddock told Wanderers' official website: "I had a number of years there and it was a big part of my career.
"It didn't work out on the management side, but I had a fantastic time and it's a great club.
"I'm delighted to see what they are trying to do to take the club forward. I had a good relationship with the fans and it will be a nice evening."