Usain Bolt will compete in the London 2012 Anniversary Games from 26 to 28 July, along with 28 other medallists from last year's Olympics.
Britain's Jessica Ennis will also take part in the event at the Olympic Stadium, along with fellow gold medal winners Mo Farah and Greg Rutherford.
The event will double as the 2013 London Grand Prix, which usually takes place at Crystal Palace, and will be held on Friday and Saturday, followed by a day of Paralympic events on Sunday, 28 July.
It will take place on the one-year anniversary of the opening ceremony of London 2012, two weeks before the start of the World Athletics Championships in Moscow on 10 August.
Bolt, who set an Olympic record in the 100m and helped his team-mates post a new world record in the 4x100m relay at London 2012, will use the event as a warm-up for Moscow.
Other than the Olympics, the 26-year-old Bolt has not raced in Britain since 2009, when he last competed in the London Grand Prix, because of tax rules which would force him to give up a share of any appearance or prize money, plus a cut of any endorsements.
However, an announcement in the Budget that 'non-resident athletes' will be exempt from income tax has removed that financial consideration.
Bolt will run the 100m on the Friday, in a field that includes 2003 world champion Kim Collins, 37, and in the 4x100m relay on the Saturday.
"I'm looking forward to coming back to the UK, especially with it being a year since winning three gold medals in the Olympic Stadium," said Bolt.
"The crowd were amazing at the Games and I hope they will be out again in their numbers at the end of July.
"I haven't competed at the London Diamond League since 2009, but it has always been a great meet with lots of Jamaican support. It almost feels like running at home."
London 2012 champion Pearson will face heptathlon gold medallist Ennis in the 100m hurdles event in July.
In the men's 110m hurdles, world record holder Merritt will face Olympic silver and bronze medallists Jason Richardson and Hansle Parchment.
The men's 400m will have Grenada's Olympic gold medallist Kirani James taking part, while London 2012 bronze medallist Javier Culson will take on Britain's reigning world champion Dai Greene in the 400m hurdles.
Britain's Christine Ohuruogu, who won silver in the women's 400m at London 2012, will face Olympic champion Sanya Richards-Ross.
Olympic long jump champion Rutherford will take on his Australian rival and London silver medallist Mitchell Watt once again in London.
In the women's long jump, Britons Ennis, Shara Proctor and Katarina Johnson-Thompson will all compete.
Tickets will go on general sale on Friday 19 April at 10:00 BST with the majority priced between £12-£50 and those interested can pre-register on the British Athletics website.