It will be the largest prize money ever in the history of cricket, and organizers have touted it as "more than the ICC World Cup, more than the ICC Champions Trophy, and more than any tri-nation series".
The Stanford Super Stars side will comprise players that excel in the Stanford Twenty20 tournament to be contested in July and August at the Stanford Cricket Ground between 19 teams from around the wider West Indies.
"This historic Stanford Super Stars match against South Africa will be the exclamation point on what will have been an exciting fast-paced tournament," remarked Allan Stanford, the Antigua-based Texan billionaire, who is organising the winner-takes-all match and the regional Twenty20 tournament.
"The members of this Super Stars team will be the cream of the crop from the 240-plus players that we will see during the regional tournament in July and August.
"Some of the people on this team will have never been heard of before, but after this match their names will go down in the annals of cricket history."
The Stanford Twenty20 competition is part of the American's quest to revive the game in the Caribbean and renew the region's passion for the sport.
The tournament, the largest ever in the Caribbean, will be a single elimination competition with the champions receiving one million US dollars.
The Caribbean superstars will be hand-selected by the 14 Stanford cricket legends that also comprise the board of directors for the tournament. They include Sir Garfield Sobers, Sir Vivian Richards, and Sir Everton Weekes.
"The South African team has already confirmed their participation through the South Africa Cricket Board," Stanford added.
Earlier this year, South Africa set a World record by successfully chasing down 434 to beat Australia in a One-day International at Johannesburg's Wanderers Stadium.
The match between the Super Stars and South Africa will be televised around the Caribbean and internationally.