Gavaskar will lead a panel comprising New Zealand's Richard Hadlee, Clive Lloyd of the West Indies, South Africa's Jonty Rhodes, Mike Atherton of England and Sri Lanka's Aravinda de Silva.
The International Cricket Council said the panel will select a Test and one-day squad in April to play in the three limited-overs games and a one-off Test match.
Australia appear certain to play the world selection in the Test match as they are the clear leaders on the Test rankings.
But Ricky Ponting's team need to beat Pakistan in this weekend's tri-series finals and win the one-day series against New Zealand in February-March to be guaranteed of playing in the ODI matches against the Rest of the World.
The Black Caps are the only side that can take over from Australia and play in the one-day Super Series.
The three limited-overs matches will be played at Melbourne's Docklands stadium on October 5, 7 and 9 with the six-day Test to be played at the Sydney Cricket Ground starting on October 14.
The two Rest of the World squads will include 30 players from around the world, ICC chief executive Malcolm Speed said at the announcement here Wednesday.
Speed said the ICC board had rejected the proposal to give the matches official status.
"That was rejected by the board but between now and October we'll have another go and see if that remains the board's view," he said.
The two squads will be reduced to 20 players in June and finalised in August.
A coach and captain of the sides are yet to be named.
Speed said selectors were not bound by Test and one-day rankings when choosing the sides and would instead aim to pick the most balanced sides to play Australia.