Capirossi was a Grand Prix racer from 1990 and 2011, starting 328 races and winning three world championships.
"Not only do I want to take part in this event, but I would love to ride both 250cc and 500cc!" said the 41-year-old.
"It sounds like a great idea and it will be amazing to be with so many old friends and rediscover old feelings in the saddle of the incredible two-stroke motorcycles," he added.
The following riders are confirmed for the World GP event:
Didier de Radiguès
José Luis Cardoso