Retired seven times Formula One champion Schumacher has confirmed his participation while organisers said Hamilton, the 22-year-old British rookie leading the standings for McLaren, had expressed an interest.
"It could be a unique occasion, the only occasion to see him compete against Michael Schumacher," said Fredrik Johnsson, founder of the event which brings together champions and leading drivers from across the world of motorsport.
The Race of Champions, previously held at the Stade de France in Paris, will have a rally-style format with knockout heats on a two-lane asphalt track inside the new Wembley Stadium.
"I hope that my participation can help the event organisers raise even more funds and awareness for the Institute for Cerebral and Medullary Disorders," Schumacher said in a statement.
