The 65-year-old Dutchman, who led the Taeguk Warriors to the 2002 World Cup semi-finals, will return to Seoul in a one-off match to celebrate the 10-year anniversary
The K-League said the 65-year-old, who is currently in charge of Russian club Anzhi Makhachkala, recently informed them that he would accept their invitation to lead Team 2002 in the game.
Hiddink's side are likely to be made up of key members of the squad which reached the World Cup semi-finals under the Dutchman. The Team 2012 will be a selection of the current K-League's best players.
K-League honorary public relations ambassador and 2002 World Cup hero Ahn Jung-Hwan said he was delighted by the decision of Hiddink, who is a national hero in South Korea.
"I am touched by his love for Korean football," Ahn told reporters. "We consider it not just a one-time event, but will show our best to show our appreciation."
Meanwhile in K-League news, Fifa has imposed global penalties on 10 footballers banned for match-fixing.
The new penalties extend the bans, which only included games overseen by the Korean Football Association (KFA), which comes in response to Choi Sung-Kuk's move to play in Macedonia's top flight.
However, eight footballers have had global life bans imposed on them, 29-year-old Choi has only been handed a five-year ban.
"We thought Fifa would uphold our decision to ban him for life. It could be by mistake. But if it is not, we will protest it," a KFA Disciplinary Committee official told reporters.