Lloyd, now an International Cricket Council match referee, follows fellow cricket greats Richie Benaud (Australia), Barry Richards (South Africa) and Sunil Gavaskar (India) as a Cowdrey lecturer.
Named after the late former England captain Colin Cowdrey, the lecture forms part of MCC's 'Spirit of Cricket' initiative.
Although no longer responsible for running English cricket, MCC is still in worldwide charge of the sport's laws and launched the 'Spirit of Cricket' programme in part to counter what many thought was a decline in the game's traditional standards of on-field behaviour.
MCC head of cricket Tony Dodemaide, the former Australia fast bowler, said, "We are delighted that Clive Lloyd has agreed to deliver the 2004 Cowdrey Lecture, following the previous distinguished lecturers - Messers Benaud, Richards and Gavaskar."
"Clive has vast experience as both a top-flight player and an international match referee," added Dodemaide, set to be come chief executive of the Western Australia Cricket Association (WACA).
"I am sure this will enable him to provide his audience with a unique insight into the way in which the game is, and should, be played."
Lloyd, a powerful left-handed batsman, played in 110 Tests and in the process became the first West Indian to appear in 100 Tests.
He also played in 87 One-day Internationals and enjoyed a successful spell as Test captain with his West Indies sides of the mid-1970s to early 1980s dominating world cricket.
He also led the West Indies to victory in the first World Cup final in Lord's in 1975 and repeated the feat four years later as well as enjoying a successful career in England with county side Lancashire before retiring as a player in 1985.