And he will find himself up against a team fronted by Manchester United and England great Rio Ferdinand.
McStay's Maestros and Rio's All-Stars will play at Celtic Park on Sunday, September 7, at 2pm.
The game, which will involve more football legends and celebrity fans, will raise money for the Celtic Foundation and the Rio Ferdinand Foundation.
McStay, who played for the Hoops for 15 years and also captained the Glasgow club, now lives Australia and is looking forward to returning.
He said: "Although I'm now based in Australia, my heart will always belong in the East End of Glasgow. It was a privilege to play for and captain the club I have supported all my life and the pride I felt all those years ago will forever remain.
"The Celtic fans were always an inspiration to me and I can't wait to share another very special day with them, one which honours the very essence of our club and its charitable beginnings. There's going to be a buzz about the place."
Ferdinand said: "This game presents a fantastic opportunity to raise awareness and funds to support the underprivileged communities of Glasgow and London.
"Throughout my career, I have always recognised how football has given me opportunities in life, and now - through my foundation - I have a chance to put something back and support young people.
"Celtic Football Club and its supporters have a great reputation for their commitment to charity and social causes, and it is fantastic to be partnering with them around this initiative.
"The fact that one of my own sporting heroes, Paul McStay, is involved, just makes it that bit more special for me."
Celtic chief executive Peter Lawwell said: "We are sure that once again, everyone taking part on the field, together with our supporters will get involved and make a positive difference to the lives of others.
"Celtic was formed in 1888 to help people in need and we are delighted that today we are able to continue this work and honour these founding principles in such a way."
Tickets went on sale to season ticket holders on a first-come-first-served basis - maximum of 10 per person - from 9.30am this morning. They cost £10 for adults and £5 for concessions. They are available to purchase online by calling 0871 226 1888 or by visiting the Celtic Ticket Office.
Any remaining tickets will then go on general sale from 9.30am on Monday, June 16, 2014. Premium tickets (£35) and corporate packages (£125) are also available by calling 0871 226 1888.