The fixture is scheduled just two days before Sri Lanka play England in a Twenty20 international at the nearby Rose Bowl home of Hampshire and will be the first time the tourists have played a match in what is now the shortest form of the game.
The team features New Zealand all-rounder Chris Cairns as well as England Test spinner Shaun Udal and current one-day international Matt Prior while Murray Goodwin, the former Zimbabwe batsman, is also included.
Former West Indies captain Jimmy Adams and ex-England all-rounder Chris Lewis are among the those now retired from first-class cricket in the side.
Chris Adams, the current captain of Sussex and himself a former England batsman, is due to lead the Masters team.
"While the match is for charity (funds raised will go towards the PCA's benevolent work), we plan to give Sri Lanka a really tough time," said Cairns.
"I've had some significant success on the ground in previous years and with Chris Adams captaining a strong Masters side, I think this game could go down to the wire."
PCA Masters XI: Chris Adams (England, capt), Jimmy Adams (West Indies), Chris Cairns (New Zealand), David Ward (Surrey), Chris Lewis (England), Darren Maddy (England), Matt Prior (England, wkt), Shaun Udal (England), Chris Tremlett (England), Dimitri Mascarenhas (Hampshire), Murray Goodwin (Sussex)