Next month's star-studded game at Celtic Park will give a massive boost to the Glasgow NE Foodbank.
The proceeds will be split between Petrov's cancer charity and the food bank, which will open next month.
Petrov has been battling leukemia, the illness which brought the 33-year-old's playing career to a premature end this year.
Celtic chief executive Peter Lawwell said: "Celtic was formed to help those who need our help the most and 125 years later we are proud to be involved with this initiative.
"We have a huge part to play in our local community and I am delighted that both our neighbours and Stiliyan Petrov's Foundation can benefit from this match.
"I would like to thank the Celtic supporters who have bought match tickets.
"Their generosity means that many less fortunate people can start to re-build their lives."
Former managers Kenny Dalglish and Martin O'Neill, as well as Celtic heroes Henrik Larsson and Chris Sutton, have confirmed they will be taking part in the game.
Glasgow NE foodbank is one of four in the city, run by charity The Trussell Trust.
The Trust's Scotland development officer Ewan Gurr said: "A sell-out crowd will utterly transform numerous lives in some of the hardest hit households in Glasgow.
"We are very pleased that Celtic and its charitable arm want to work with us on this venture in the city."
The charity match will kick-off at 2pm on Sunday September 8.