A host of former Celts have committed themselves to the fund-raiser, with Neil Lennon, Henrik Larsson, Chris Sutton, Didier Agathe, Pierre van Hooijdonk, Roy Keane, Paul Lambert and Lubomir Moravcik all preparing to dig out the boots and get back on to the pitch again.
Dalglish will take over one of the dugouts for the game that will be played on September 8.
It was Dalglish and John Barnes who signed Petrov for Celtic when the Bulgarian was a teenager without a word of English.
And Dalglish is looking forward to being able to contribute to Petrov's charity fund-raiser.
Petrov was diagnosed with leukaemia in March last year and has subsequently set up a charity to help those in a similar situation.
"It's a horrible thing to experience," Dalglish told the Celtic View.
"But he is a great credit to everybody and his family must be very proud of him.
"It's an example to everyone that the stronger you are and more belief you have the better chance you have.
"Unfortunately, cancer touches most families and you are very fortunate if your family gets through life without having one story about it.
"We had our own case when my wife Marina was diagnosed with breast cancer. She was really strong and Stan has been the same.
"We have been running a charity down south for about eight years now and we know how much it means and how much help you can give people."
While the occasion will be a poignant one, Dalglish is also looking forward to the opportunity of meeting up with a few familiar old faces.
And it won't take too long for the camaraderie of the dressing room to come to the fore once more.
"It is always fantastic to come back and win a match here, and it will be great to be among the players again and to have the jokes, the stories and the banter start rolling up," smiled Dalglish.
"We will see if we can get Danny McGrain in our side somewhere. I don't know if I can give him a game but it will be an honour to stand beside him in the dugout.
"He was one of the best players they have had at Celtic Park and it's fantastic that he's still here."
For all the banter, though, Dalglish is well aware that the reason for the game will be uppermost in people's minds.
And he has urged the Hoops supporters to turn out for the match.
"I am sure there will be huge numbers here to see the game and that's something that everyone looks forward to. You are allowed to enjoy it, but everyone understands what we are coming for."